Is this required to do VMOTION or just preferred?
Has more to do with what guest OS you want to run, like 64bit you will need to enable VT in the bios. Don't believe VMotion requires it only that if you have in enabled one server and not on another you might not be able to VMotion between the two.
Official VI3.5-Install and Configure Slides Page 382:
For 32-Bit VMs: no
For 64-Bit VMs: on Intel: VT is required, on AMD: AMD-V is not required
This means you can not run 64-Bit VMs on an Intel CPU without VT - and so for VMotion of 64-Bit guest you need VT while for 32-Bit guests you don't. It doesn't make any real difference for performance etc.
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