At a technical level, do the ESX servers (and VI3 client) connect to the SQL server directly, or do they connect to the VC server, and the server service talks to SQL?
IANAL, but I wouldn't think that VC2 Server would constitute multiplexing or pooling software. My understanding is that the VC2 server polls the hosts for information. Since VC2 initiates[/i] the connection, collects data (using a proprietary protocol) and then stores the data, the process isn't driven by the ESX host. Therefore, the host itself isn't a database client.
You would probably still need a CAL per VI3 user, though.