I'm currently attempting to run the 2011 VMX under Hyper-V. I'll document my steps here as I go.
I'm running Hyper-V in a failover cluster, and using System Center Essentials 2010 as the management tool.
First, I extracted the VMX zip file to the VMM Library share at \\<SCE Machine Name>\MSSCVMMLibrary0\VMX
Second, I ran the Import Virtual Machine task inside SCE.
SCE seems to do weird things with the network setup, plus it won't allow me to import to a cluster that is over committed, so when it asks to confirm the hardware setup, I changed the RAM to 512MB, and set the network to Not Connected.
The Import wizard threw an error about not being able to update the file system - no biggie. The imported machine seems to boot fine.
System Center Essentials doesn't seem to manage the hardware correctly, so after the import is finished, I shut off the new VM, and close out of System Center. Using the Failover Cluster Manager tool, I edit the hardware settings to change the RAM back to 1024mb. I then add a Legacy Network Adapter and connect it to my LAN.
After the changes are applied and refreshed, I connect to the VM and start it.
Other than a fsck on the first boot, everything seems to be working correctly. I'm using
this PDF starting from page 5 for the rest of the configuration.