V-Block: Is this the beginning of Hypervisors embedded in Hardware?

With the announcement of V-Block and Cisco UCS as a major component, is more hypervisor functionality going to end up in hardware? UCS adds some interesting features into the hardware that were traditionally within the purview of the hypervisor. Now it looks like V-Block is the assembly of myriad components that taken as a whole look remarkably like the beginnings of a hardware based hypervisor.