Small, but important change was introduced in ILM 2007 FP1 FAQ:
Wow … this means that something which already had happened at many customers is now officially supported configuration. Good for customers who are running ILM in VM or are thinking about moving to it with ILM.
FAQ mentions Hyper-V explicitly but as far as I understand KB 897615 this means support on SVVP approved platforms. In case You need clarification on that ask your TAM (if You have PSS you know who the TAM is 🙂 ).