Considering that 10.X is allowed only on ESXi and not on baremetal, you have no option but to go new school if you have any intentions of keep working with Cisco UC.
As for the PROs/CONs of virtualization, you can google that up, I'm sure there are hundreds of pages explaining the PROs and CONs of it.
In my opinion, less rack space, less heat units to care about, less switch ports, and all of the ESXi features that are enabled if you have vCenter (vMotion for example)
HTH
java
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