Shared Networking (NAT) workaround in Virtual Server 2005

Following the Virtual Server technical overview event I presented in Manchester yesterday evening, I was asked about Shared Networking (NAT) which is present in Virtual PC 2004, but not in Virtual Server 2005 and whether there was a way to provide this through an alternate mechanism. Here's the answer:

Add a loopback adapter to the host (KB article link) and create a new virtual network under Virtual Server administration bound to the new adapter. You then enable Internet Connection Sharing (ICS) on the host NIC connected to the physical network.