There seemed to be a lot of confusion regarding the functiona definiton of a 
hypervisor so I will elucidate:

Hypervisor: (http://en.wikipedia.org/wiki/Hypervisor )A hypervisors main 
function is manage different VM's. Hypersvisors is also responsible for the 
instantiation and termination of a VM. Now there is both a software and 
hardware based hypervisor. VMware and IBM's DLPAR (Dynamic logical 
partitioning) technoogy are both of this iteration. The hardware based 
hypervisor is it's own OS. This allows the system to remain up even if the 
other VM's crash. IBM"s  has had hardware hypervisors ever since the 
introduction of S/390.

DLPAR is highly advance load balancing VM technology on IBM's Power and PPC 
platforms. DLPAR has the ability start or end new VM's as the systems 
requirements is changing. 

VM technoogy is not a new technology at least for IBM Z-Series. IBM"s MVS 
(Multiple Virtual Systems) refers to multiple VM's  running multiple instances 
of S/390. But beyond all this the S/390 can run simultaneous parallel 
trancations (IBM parallel sysplex: allows for clustered Z-series boxes) as well 
with full rollback cability. So in other words a enterprise has not only system 
fault tolerance, but application fault tolerance as well.  So it becomes 
clearer why so many forturne 500 enterprises still run mainframes.

Now I have heard of people scripting VM failover wht VMWare, but I have not had 
a chance to investigate this more thoroughly.

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