Migrating SEP 11 RU7 to Virtual server vmware

Hello, I'm looking to do a series of upgrades from version SEPM 11 to 12.

One thing I'm curious about is if SEPM works well if the machine the management server is running on is virtual.

I found the tech guide for SEP 12.1 on clients which are running firewall/antivirus.

So this question is a bit different ... I am assuming that SEPM will work well on a virtual vmware guest OS.

I'm using Windows server 2003 right now and want to switch over eventually to Windows server 2008 and upgrade the app.

Any advice on this whole process in general?