I was looking at Intel iSCSI boot rom yesterday but haven't got a chance to try it out.
Basically for iscsi boot to work, you need 2 things:
1. iscsi boot option rom on nic (all non-onboard Intel pci-e gigabit nic can be flashed, motherborad manufacturer may not have option rom for onboard nic)
With the option rom in place, you can configure iqn, target, etc in the option rom to tell it what target to connect during boot.
2. OS iscsi initiator driver needs to support iscsi boot (not sure if software initiator driver in ESX 4 supports it)
For IBM blades, I believe they use broadcom nic which also has iscsi boot rom.
You can take a loot at Intel site to understand how iscsi boot for regualr nic works. http://www.intel.com/network/connectivity/products/iscsiboot.htm