That about sums it up. SBS 2011 gives you Exchange 2010 ($1200) and Server 2008R2 pre-configured with easy to use wizards ($700) for only ($750). CALs are also only $60 for an Exchange/Server 2008 combo CAL (SBS CAL). Only thing is you might want to get on that now. Starting December, you won't have that option at least not as a preconfigured packaged nor will it be near the same price. Will be much harder than Essentials.
SBS Essentials is a much simpler version. Free 25 CALs. You have the full Server 2008R2 core at your disposal should you choose to implement group policy or turn on DHCP. Only $400 and there's a tutorial about installing it from start to finish on youtube. (hint hint).
As for running VMs. Both are good as guest VMs, but would do a bad job at hosting them given their resource usage. CentOS, HyperV, and ESXi are your main choices for the Type 1 HyperVisor (bare metal). For type 2, you have many choices VMWare Player, Workstation, Hyper V, VirtualBox, Parallels, etc.
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