Hi,
I have a Dell T5400 with Intel Xeon X5450 Processor. As per all the research i did this processor has Intel VT-x capabilities but does not have VT-x/EPT.
I tried all the workarounds around given by jmattson and others but was only able to avoid the error message but cannot achieve the functionality of nested 64-bit vms and fault tolerance capability.
I run Ubuntu Server and then have vmware player to run 2 ESxi 5 hosts for my home lab. Due to the non-availability of VT-x/EPT in certain(most of the) Intel Xeon processors you cannot virtualize a fully functional hypervisor (like ESXi, Xen etc). At the best what you lose is
1) vMotion
2) Fault Tolerance
3) Ability to import vmware marketplace OVF appliances because they have require a compiant ESXi.
I am still a novice and apologize if i was not accurate.
RR