Will you be using Server 2008 or Server 2008 R2?
Which virtualization software are you using? Microsoft Hyper-V? Vmware? Etc.
Dual Xeons will work great, but one of the few benefits of the 8 core bulldozer has been seen in virtual environments, you can go cheaper and get an 8 core bulldozer with lots of ram rather then two Xeons. Depending on what you are doing with the virtual servers and what software you are using to run them you may not even see a benefit of going with the Xeons.
If you have more money you spend you might want to look at an opteron G34 board instead of the xeons. You can pick up a 16 core opteron for around $650 or a 12 core for around 450.
If you need something with ECC ram and want a more high end system that will be around for a while I would reccomend this:
ASUS 2P G34 Board.
Newegg.ca - ASUS KGPE-D16 SSI EEB 3.61 Server Motherboard Dual Socket G34 AMD SR5690 DDR3 1600/1333/1066/800
Pick up your choice of two 8 core/12 core/16 core opterons and lots of Ram.
Should be more then enough for quite a while.
Either way it will come down to how much money you want to spend, but you can get good performance from dual xeons, bulldozer or a single P or dual P opteron build.