Hypervisor question

I'm familiar with VMWare ESXi, as I am running that at work. To my understanding, it is basically the "OS" of the high end server, and to that end, I have 4 virtual servers installed and running. I didn't do the setup, but I sat with the consultant through the whole process, and configured all VM servers myself.

So, that brings me to my question. Does Hyper-V work the same way...that is it installed as the bootable "OS" and then has a control panel/dashboard that allows you to configure the actual VMs that run under it? Or, is it an install of Server 2008 R2 that is the OS, running Hyper-V as an application, similar to Virtual PC or VirtualBox?

Assuming Hyper-V is the base layer, does it allow you to segment off parts of the available storage space for each VM like ESXi does? I'll have 3 TB on a RAID5 array to play with.

Hi Deacon,

You have two types of Hyper-V;

A. Windows Server 2008 R2 with Hyper-V (Role) see Windows Server 2008 R2: Virtualization with Hyper-V: Overview
or
B. Microsoft Hyper-V Server see Microsoft Hyper-V Server: Home Page