Thanks Troy. I had actually run into this article before and had tried setting: <maxCostPerHost>8</maxCostPerHost> which, according to the article, should have limited my number of warm VMotions to 2 but does not.
I'm running Windows 2008 R2 on the vCenter Server so the path for the vpdx.cfg file (Default location “C:\Documents and Settings\All Users\Application Data\VMware\VMware VirtualCenter”) does not exist. However, I think that I located the correct file at: "C:\ProgramData\VMware\VMware VirtualCenter". Does this sound right?
Any other ideas?