Q: (from Shawn)
When you downgrade Windows Server 2012 Standard Edition to Windows Server 2008 R2 how many virtual versions do you get?
You can still run two virtual instances. From the Windows Server 2012 Licensing FAQ (http://download.microsoft.com/download/4/D/B/4DB352D1-C610-466A-9AAF-EEF4F4CFFF27/WS2012_Licensing-Pricing_FAQ.pdf), page 7, question 14:
“The ability to run downgrade bits does not change the licensing or support terms in which you can use the product; the purchased product (Windows Server 2012) rights apply. This means that the license will continue to cover two physical processors and the virtualization rights do not change.”