Now that WOULD be useful.... Instant corporate appeal.....!
I'm not sure an appliance would be the appropriate solution.
We already have the ability to manage vm's using the MUI, if you install Vmware server on a machine with IIS it builds a website that you can connect to for management. Using a PC. But try to connect to this website using the browser on your treo 700w and it doesn't work. If you install the opera browser on the pda you can login, but thats it.
At this time you might look at your IIS console on the server and see what is going on with this website. So some web development is in order here.
If you have ever used a Compaq Lights out board then you know what I mean, there is an extensive website that you access with a pc, and an abridged one you can access with a pda.
If we put in a requirement of VC (or ESX3) this is really easy to do using the API. We almost made such an app in one of the url=http://www.vmware.com/vmworld/2005/lab008_manual.pdflabs at VMworld[/url]. One just has to be aware of all the limitations of Pocket IE used in the Windows Mobile series.