Is it true that Hyper-V Server 2008 R2 will support clustering and live migration?

Yes. Hyper-V Server 2008 R2 instances can form a cluster, which enables live migration. This is a change from the initial version of Hyper-V Server, which is based on Windows Server 2008 R1 Standard Edition and couldn't be clustered.

There are still advantages to using Windows Server 2008 R2 Enterprise Edition over Hyper-V Server 2008 R2 instances, including:

• Four virtual machine licenses are included with Enterprise edition. Hyper-V doesn't come with any.
• You can only use the command line and PowerShell to manage Hyper-V Server locally, though you can use the full cluster GUI to remotely manage a Hyper-V Server cluster.
• Clustering in Hyper-V Server 2008 R2 only supports Hyper-V high availability. You can't make any other applications or services highly available on Hyper-V Server 2008 R2.