Hello,
How well to design also depends on how large your design will scale, as in considering future growth as well.
For this project, I would stick with vswitches. Having distributed vswitches can be done after as well and to keep things simple, vswitches are great.
Best networking practises say have redudant management networks on different networks connected to separate swtiches.
Have separate vmotion network
Have separete storage network
Have separate vm network for vms to talk to.
Now you can do all the above with vlans easily instead of having a nic for each, this again depends on how much data you will be pushing or pulling through so run some stats on that physical box.
Rest I think you are fine. The iomega is good stuff.
R
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