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All About Microsoft posted a news story that System Center Virtual Machine Manager v.Next is planned for the second half of 2011



Microsoft officials have been talking up the potential of server application-virtualization since at least 2008. At TechEd this week, the promises got a delivery vehicle and a target: System Center Virtual Machine Manager v.Next, due in the second half of 2011.
  Microsoft says server application virtualization coming in second half of 2011