We have done this in our UCS vmWare environment and it was pretty painless. I backed up the configuration just to protect myself, and the server admin cloned the servers just to protect himself, then we stopped the subscriber and did a SAN to SAN move of the VM files and re-inventoried it on the far side and started it up.
We were trying to mimick what we might have to do in a DR state where servers wouldn't have the polite system shutdown before the metor hits.
The subscriber came up and happily started talking to the publisher and after about an hour we repeated the exercise with the publisher.
We have a MAC address/UUID change on the NICs bother the publisher and had to fiddle with them to get it happy again - there's a tool on the CPPM server for that, but our server admin just changed the numbers on the vmWare side and restarted the server.