The Steve's are in agreement :-) Depends on your app - Hyper-V will introduce a little overhead (trivial) however if you are running SQL Server I wouldn't virtualize that.
Also if you go the Hyper-V route google NLB Hyper-V for some info about it (not problem, just extra steps).
If all 4 sites would be exactly identical then Hyper-V will be nothing but a slow down, however by using Hyper-V you can have a dev server / test server on each box, even perhaps a about to deploy server image you use to actually update, save the old image and switch to the about to deploy for live - i.e. instead of a snapshot just keep the other server sitting there turned off. That has some DR (mainly from human error) advantages.