Windows Server 2008 peek - HyperV replicator

I for one am happy to see this. With the recent issues with VMWare licensing, and the fact I only work Win boxes, I'm anxious to see H-V start to really broaden its scope and show some muscle.
 
I'm not quite sure I understand what this does. Maybe I'm trying to over-complicate it in my head. All it seems all its doing is a live clone of a running VM? Is that correct?

If so, colour me unimpressed, nice to see it(H-V) catching up to VMware though.
 
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