Looks like VMware made public a revised vSphere 5.0 License Model today. A lot of very good changes that directly benefit the end user. ( http://www.vmware.com/files/pdf/vsphere_pricing.pdf )
The biggest changes are around vRAM Maximums per processor.
vRAM Entitlement per CPU Socket by vSphere edition
- 32GB vRAM/CPU for Essentials Kit (up from 24GB)
- 32GB vRAM/CPU for Essentials Plus Kit (up from 24GB)
- 32GB vRAM/CPU for Standard (up from 24GB)
- 64GB vRAM/CPU for Enterprise (up from 32GB)
- 96GB vRAM/CPU for Enterprise Plus (up from 48GB)
This means a 4CPU Server of Enterprise Plus is entitled to 384GB of powered on VM’s, a 100% increase over the initial model. These entitlements can also still be pooled across vCenter Server (including vCenter Servers in Linked Mode) and only apply to the actual configured virtual RAM of powered on VM’s. VDI Users and VMware View users have a different license model for High Density VDI servers. (Discussed below)
VMware Server (the free hypervisor) users will also be happier. Under the old model, VMware Server was capped at 8GB. The revisions have increased the cap to 32GB per server (not a per CPU limit). This is a hard limit and cannot be exceed like the retail versions. Personally, I felt the 8GB limit was very limiting. The 32GB change is a significant step in the right direction and should accommodation most SMB’s/Branch Office/Home Office users. Those that feel hindered by the 32GB hard limit should look at vSphere Essentials and Essentials Plus (starting at $560) which provides 6 CPU’s (up to three servers with 2CPU’s each) with a vRAM entitlement of 192GB. Alternative Options are to move to the revised vSphere Acceleration Kits (Standard, Enterprise, and Enterprise Plus) which provide bundles of 6 CPU’s at substantial discounts. Pricing has vSphere Essential starts at $83/CPU retail!
Even better, There is no longer a penalty for very large VM’s. All VM’s only count vRAM consumption up to 96GB. Any vRAM over 96GB is not counted. That means a 1TB VM would be covered by a single CPU license. A 1TB VM is now covered by a single Enterprise Plus CPU server license. I can’t imagine running more than a single 1TB VM on a host, but people will always surprise you.
vRAM usage is now monitored on a 12 month rolling average with daily high water marks. This makes large infrequent deployments less of an issue for customer who anticipate going over the vRAM entitlement but know that they will be removing VM’s later.
As before, VMware View environments don’t follow the vRAM model. View is a CPU Socket based license for View Desktops. Non-VMware View users will be able to leverage a vSphere for Desktops product just for VDI. vSphere Desktop edition is licensed based on the total number of Powered On Desktop Virtual Machines and can be purchased either stand-alone in a pack size of 100 desktop VM or included with the VMware View Bundle.
Another interesting note for current vSphere 4.1 users with valid Support and Subscription (SnS). Customers who purchased licenses for vSphere 4.x (or previous versions) prior to September 30, 2011 to host desktop virtualization, and hold current SnS agreements, may upgrade to vSphere 5.0 while retaining access to unlimited vRAM entitlement. Desktop licenses covered by this provision, however, may not be managed by the same instance of Virtual Center which is being used to manage non-desktop OS virtual machines.
Lastly, I have heard that vCenter will get an update in the near future after release to accurately report these last minute changes. In the mean time we should be expecting a new tool to report the actual vRAM consumption.
There are lots of key aspects that were addressed in the initial vSphere 5 guide that have not changed but are different form the vSphere 4 model. Over all, I think the consumer gains a lot more value in the new editions! Unlimited RAM capabilities per server, no more Core/CPU limits, substantial increase in CPU’s per VM limit by edition (32 CPUs/VM for Ent+!) and vMotion all the way down to the Standard Edition.
A lot has changed. I see it all as a major improvement for both the SMB users and for the Enterprise.

Taken from revised the vSphere 5 Pricing Guide