Our file and print server will probably be our first production VM.

Being in a manufacturing environment means I have to be very careful about anything that will interrupt the plant process. Down time in the plant means many $$ per minute. Having said that, the IP connected equipment in our plant all has fixed IP addresses. That doesn't mean DHCP is not important, but it would not bring us totally down.

I would also second Steve's observation, that reliability and speed does not need to be compromised in a virtual environment. Done right, with appropriate hardware, virtualization can rival a dedicated hardware server.

As far as the "Cloud" goes, putting data into a public cloud environment may have its place, but not for core operating systems.