This article using Hyper-V would be more interesting I think, although due to the changes in Windows 2008 clustering you might have a problem with the shared storage for the cluster. We tried doing this with IETD as an iSCSI target and unfortunately it does not support SCSI-3 persistent reservations which Microsoft has forced upon us... although this is probably to maintain their relationships with storage server partners since that is one of the few available iSCSI solutions that support this right now.
Back to Windows 2003/Virtual Server, I could still see this article being useful.
I should have mentioned by the way that there are things such as StarWind from RocketDivision and iSCSI Cake which can now do the persistent reservations required by Windows 2008 clustering. http://www.iscsicake.com/ and http://www.rocketdivision.com/wind.html[/edit]