Just got this from Jeff on the Windows Virtualization Team:
Hyper-V Question of the Day:
Q: I’d like to install the Hyper-V MMC on Windows Server 2008 to remotely manage another Hyper-V System. How do I do this? Can I do this on Windows Server 2008 x64 and x86 Editions?
A: Yes. This solution works for both Windows Server 2008 x64 and x86 Standard, Enterprise and Datacenter Editions.
Here are the steps:
1. Launch Server Manage from the Start Menu
2. Click Add Features
3. Under Remote Server Administration Tools --> Role Administration Tool -->
a. Enable Hyper-V Tools and click Next.
4. Click Install.
5. After the reboot, go to Administrative Tools in the Start Menu and you will see the Hyper-V Manager.
Figure 1: Enabling just the Hyper-V MMC on Windows Server 2008
After you install the Hyper-V Tools and reboot here’s the Hyper-V MMC!
Figure 2: Hyper-V MMC