Thanks HeathReynolds. We did realize one limitation. We planned on using 15 ports (5 per host), but etherchannel only supports 2 to 8. Since we're not on 10Gig yet, we had to limit it to 3, 3, and 2 on the hosts. To utilize the other links we created a separate dvswitch for the others and put vmotion and management on those.
That being said we have had tons of trouble getting the management traffic to be part of any dvS. I've followed every article under the sun but it keeps rolling back after losing connectivity to the existing one. Migration doesn't seem to work for management. For now we're just using a regular vswitch on each host for management. Oh well.
Thanks!