Windows Server 2008 R2 virtualized means you get the lastest in Windows development and frameworks including for .NET 4.0 as well as IIS7 and much more.
IIS 7.5 + ASP.NET 4.0 + WebMatrix
Your server comes fully equiped with IIS 7.5, ASP.NET 4.0, & now WebMatrix Compatible! Microsoft WebMatrix support on Windows Server 2008 R2 means you can get your project off the ground fast and not worry about being limited later when it comes time to improve your application. Unlike shared hosting, you can completely modify your hosting environment, but in case you need the ease of deployment that WebMatrix brings, we've got you covered with myhosting.com Windows VPS!
Windows Server 2008 R2 on Hyper-V
Essentially, if you want complete control over your Windows 2008 R2 installation, then you need Hyper-V virtualization. The difference is found in examples such as Virtuozzo where you're limited by a shared OS. Hyper-V provides a dedicated OS for complete control.