No it doesn't. If you run Windows guests you need a license for them, regardless of what the hypervisor is.
For example, if you run Hyper-V Server (stand-alone) you'll need a license for each Windows VM. But you can buy the Enterprise edition of Windows Server and install up to 4 VMs from that single license on your Hyper-V (stand-alone) server. Or you can buy the Datacenter edition of Windows Server and install an unlimited number of VMs from that single license on your Hyper-V (stand-alone) server.
Now, if you buy Windows Server 2008 with Hyper-V you will still need a license for each VM that you virutalize on that server. If you bought the Enterprise edition of Windows Server you can install up to 4 VMs from that single license on your Windows Server 2008 w/Hyper-V server. Or you can buy the Datacenter edition of Windows Server and install an unlimited number of VMs from that single purchase on your Windows Server 2008 w/Hyper-V server.
Not only does it NOT drastically change how you license guests, it's is EXACTLY THE SAME.
By the way, you can replace the hypervisor used in the example above with XenServer, ESX, VirtualBox, or whatever floats your boat and the licensing stays exactly the same.
Windows Server "Standard" edition = only 1 VM per license
Windows Server "Enterprise" edition = up to 4 VMs per license, provided they are all on the same physical hardware
Windows Server "Datacenter" edition = unlimited VMs per license, provided they are all on the same physical hardware
The Hypervisor used is irrelevant.
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