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It's being used in our environment at the moment and we seem to be getting decent results. Although that's considering we have had to go back and forward with IBM almost every week to get products added to the internal catalogue. For example, TDP Domino was missing from the catalogue for ages, certain processor types weren't getting detected correctly etc etc.
As far as I know in the 5.x environment, there isn't any sub-capacity licensing for ESX. You simply multiply the number of cores by the PVU for the BA client. This model will hold true regardless of the number of guest partition you created and backup.
But you have to apply for it, of course. I got the application from them, and I noticed that it seems to imply that either we use sub capacity for everything in our environment, or not. Well I would like sub-capacity for ESX, but gain nothing for our phys environment, so I am still reading the fine print.