server 2008 R2 Enterprise to Server 2012 ...... what verison

I think enterprise = 2 standard 2012 license if you use SA. A drop from 8 to 4 VMs that are legally licensed on the host :/
 
How are you getting that math?
from the 2012 licensing doc:

If you have Software Assurance on Enterprise edition, you will be entitled to receive two Standard edition licenses for each Enterprise edition license you have.

If you have Software Assurance on Datacenter edition, you will be entitled to Windows Server 2012 Datacenter edition. Today, a Datacenter license covers up to 1 processor. A Windows Server 2012 Datacenter license will cover up to 2 processors. So for every two current Datacenter licenses with Software Assurance, you will receive one Windows Server 2012 Datacenter edition license.

If you have Software Assurance on Standard edition today, you will be entitled to receive Standard edition at the general availability of Windows Server 2012. You will receive one Windows Server 2012 Standard edition license for each Standard edition license you have.
 
If you have an SA, look into upgrading your enterprise into datacenter. It wasn't very expensive. I think it was less than $50 a license.
 
Datacenter may be overkill if not licensing for a VM hypervisor. Standard will have all of the features previously available only to Enterprise.

This is from the Microsoft document "WS2012_Licensing-Pricing_FAQ":


What is the difference between Windows Server 2012 Standard edition and Windows Server 2012 Datacenter edition?

Both Standard and Datacenter editions provide the same set of features; the only thing that differentiates the editions is the number of Virtual Machines (VMs). A Standard edition license will entitle you to run up to two VMs on up to two processors (subject to the VM use rights outlined in the Product Use Rights document). A Datacenter edition license will entitle you to run an unlimited number of VMs on up to two processors.


What are some of the features now available in Windows Server 2012 Standard that were previously only available in Windows Server 2008 R2 Enterprise and Datacenter editions?

There are a variety of new features in Windows Server 2012 Standard edition. Here are just a few examples of what was previously only available in the premium editions:
 Windows Server Failover Clustering
 BranchCache Hosted Cache Server
 Active Directory Federated Services
 Additional Active Directory Certificate Services capabilities
 Distributed File Services (support for more than 1 DFS root)
 DFS-R Cross-File Replication
 
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