I haven't tested yet ESX 4.0 on a old PE 1850 (with old CPU).
But I've tested serveral system with old 64 bit CPU.
See for example:
In this case, if CPU is 64 bit capable, then vSphere will run.
But without Intel VT you loose some functions like EVC in cluster.
Obviously no new feature like VMDirectPath, VMware FT, ...
Andre
Andrew | http://about.me/amauro | http://vinfrastructure.it/ | @Andrea_Mauro