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We have received mixed answers on this at best. So far the only we know of is that the only Virtualization product that is 100% compliant with Oracles Licensing is OVM ( http://www.oracle.com/us/technologies/virtualization/oraclevm/index.html ).
We have spoken to some providers that say ESX is somewhat supported depending on the use and how it is configured. We have had multiple sources tell us that you would need to license the bare metal.
Wish I had more concrete information then that for you.