I am asking because VMware did some truly awesome job with ESX4, and we as a vendor are fully leveraging its new capabilities to achieve very fast replication cycles...
You should definitely check out our upcoming version of Veeam Backup 4.0 when it becomes generally available (in the coming weeks). We have a number of very exciting replication enhancements there, particularly what we call "near-CDP replication"... What would you say if I tell you that based on the closed beta feedback, incremental image-level replication cycle for 20GB VM takes under 1 minute?
If I got you interested, more info on this new release (incl. video) can be found here:
One thing I must note right away however (in order to properly set your expectations), is that ESXi is currently only supported as source host, while target host must be full-blown ESX for replication. However, we will be adding support for ESXi as replication target in the near future.