Bahhh!!!  Robert Larson has beet me to it, and in a stellar effort posted the instructions on how to build a Host Cluster with Hyper-V.  (Nice work Rob!)

You can check out his post "Building a Host Cluster with Hyper-V Beta 1" for all the details, and a snippet is below:

1) Build nodes with Hyper-V
2) Build Virtual Network Switches in Hyper-V
3) Establish iSCSI Target Quorum and Data drives
4) Use iSCSI initiator on each node to connect to targets
5) Install Failover Clustering on each node
6) Run Validate on the cluster nodes
7) Create Cluster
8) Build a VM to make highly available
9) Make the VM highly available
10) Test it by moving the VM to another node

Oh, and don’t forget the to check out the Hyper-V Release Notes, the list of hardware has been updated!