Lo stavo per scrivere io un articolo del genere... ma poi... mi hanno anticipato 
... e vabbò... ecco i punti salienti!
Critically, saved state information (.VSV) is not compatible between builds of Virtual Server 2005. Therefore, to ensure no data is lost, saved state data must be removed from the equation by shutting down each guest currently running. In addition, any guests sitting on the shelf in a saved state must either be restored and shutdown.
Questo è un punto molto importante... che genererà un sacco di domande sul forum/ng... DOVETE fare lo shutdown di tutte le VM prima di fare l'upgrade... anche di quelle in saved state, se no perderete tutto quello che c'è in memoria nella VM... Questo punto è necessario anche passando da VPC a VPC SP1, o da VPC a VS...
Take a backup of files relating to your Virtualised environment
- .vmc, .vhd, .vud (Configuration, Hard Disks & Undo drives respectively)
- .vnc files (Virtual Network Configuration)
- Options.xml (Site config under Documents and Settings\All Users\Application Data\Microsoft\Virtual Server
If you are running the Virtual Server 2005 SP1 Beta software, you must uninstall it fully. This also applies if you are using the Trial Version of Virtual Server 2005.
At this point, for a production server, I would strongly recommend you now consider installing Windows Server 2003 SP1 if you have not already done so.
Upgrades from Virtual Server 2005 as released last year are supported and you do not need to complete the uninstall first. The upgrade is treated as per a fresh install.
Post installation
- Verify the server properties.
- Fire up the administration web-site.
- Close to the bottom on the far left, click server properties,
- The Virtual Server Version and Administration Website version should read 1.1.465.292. Enterprise versions of Virtual Server will have the tag "EE" appended to this, followed by "R2"
- Support Drivers for the VMM will also be 1.1.465.292
- Support Drivers for Network Services will be 2.6.465.283
Virtual Machine Additions Update
For optimal performance, you must ensure the latest version of the Virtual Machine additions are installed in each and every guest.
- Start each guest
- In the Virtual Server 2005 R2 admin website, edit the guest configuration
- Scroll down to CD/DVD and click on it
- Select VMAdditions.iso (\Program Files\Microsoft Virtual Server\Virtual Machine Additions)
- In the guest, if autorun is turned on, the installation should start automatically. If not, go into Windows Explorer, right-click the CD-Drive and select AutoPlay
- Verify you are installing the correct versions of the additions - 13.552.
- Once the additions are installed, you must reboot the guest.
Fonte: How to upgrade to Virtual Server 2005 R2
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