You’ll still need VirtualCenter and VI3 Enterprise licenses for all the cool enterprise-level features like VMotion, DRS, HA, SRM.
ESXi can either be installed or run from an embedded device available in certain servers.
The 32MB footprint gives small businesses an easy way to get into the virtualization world with easy upgrade paths to enterprise-level features.
Great call by someone at Vmware!
Now with all the virtualization going on these days, it's becomming harder to find a spare "real" server to try out ESXi on :(