Can't seem to stop thinking about getting the VCAP but nested setups don't do the job properly. They work in principal but not that great.
So I was thinking about buying at least two server, preferably three.
My current HP Microserver made me think
It clearly has enough oompf. But having only 8GB of RAM and such a low powered CPU probably means I can't do MUCH with it ..
Here's the plan
4 Microserver
1st - running Server 2008R2, ISCSI Target (to use as "SAN") and vCenter
2nd / 3rd - running vSphere 5, booting from USB, ISCSI storage attached to #1
4th - running vSphere 5, booting stateless, ISCSI storage attached to #1
Costs ... bear in mind, UK still offers cashback ...
4 Microserver = £999.04 - £400 cashback = £599.04
Ram upgrade = 8GB 4x £37 = £148
4GB flash drive = 3x £3.99 = £12.96
So the total bill (without licenses) : £759.96 / $1,227.06 including tax
Each Microserver here comes with 250GB HDD so three can be moved into the ISCSI / vCenter one.
Or, if faster storage is needed, I do what I did with my current Microserver.

Here I am using an Adaptec Raid card (3805), 4x2TB Green and 4x2.5" 300GB SAS 15k ... so the options are endless ..
But it needs to be cheap, so 4x250GB ISCSI setup has to be enough ... unfortunately to save money I won't be using a hardware raid card so it needs to use either the onboard raid (Raid10 at least) or dynamic drives inside of Windows ..
IF I need / want to play with the Storage Appliance then I might have to re-think .. but that is such a small part, I could do without...
Regardless, you can't beat £759.96 / $1,227.06 for four server .....