VMware vSphere 5 adds the ability to perform a scripted installation of VMware ESXi 5 to a USB flash drive or SD card. Hyper-V? Not so much.
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HP Blades incorporate an SD slot that can be used to easily deploy VMware ESXi from flash. Take a look.
While completely unsupported, it is possible to build a small 64MB flash drive that will boot and run VMware ESXi 4.
Although VMware ESXi 4 requires a 1GB flash device to install, the core hypervisor functionality is fully contained in less than 60MB. Most of the remaining space is for a downloadable vSphere Client or simply unused.
If your server OEM supports it, you might be able to get the free Hyper-V Server R2 to boot from a flash drive someday. VMware ESXi supports this feature today.
VMware ESXi runs great from a USB flash drive and it is easy to prepare a batch of drives for your servers without leaving the comfort of your desk -- by creating them with VMware Workstation.