Yes, VMware offers DPM (Distributed power management) feature that comes with vCenter server. .
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DPM saves more power even than S3 mode. DPM puts host into (ACPI S5) state via either wake-on-LAN (WoL) packets or these out-of-band methods: Intelligent Platform Management Interface (IPMI) or HP Integrated Lights-Out (iLO) technology.
DPM introduction :
Consolidation of physical servers into virtual machines that share host physical resources can result in significant reductions in the costs associated with hardware maintenance and power consumption. VMware® Distributed Power Management (VMware DPM) provides additional power savings beyond this initial benefit by
dynamically consolidating workloads even further during periods of low resource utilization. Virtual machines are migrated onto fewer hosts and the un-needed ESX hosts are powered off. When workload demands increase, ESX hosts are powered back on and virtual machines are redistributed to them.
Refer: http://www.vmware.com/files/pdf/Distributed-Power-Management-vSphere.pdf
Note: As DPM is vCenter feature, hence you need vCenter enterprise license.
Please let me know if you need more info.