With the new announcement is a whole host of new features but also a change in licensing. VMware has introduced something called vRAM which basically ties licensing to the amount of RAM needed in your virtual environment.
Unfortunately for most users, this means your licensing costs are going to go up. With VMware currently fighting a battle with Microsoft Hyper-V I don’t think this is going to bode well. I don’t know many admins who are happy about this announcement. It’s kind of a mixed bag, they love the features of vSphere 5, but the licensing leaves a lot to be desired. We’ll have to see how this plays out.
You can check out the licensing guide here.