Quoting from TechWorld:

…

Expect an API interface between VMware and virtualised storage resource providers for automated and dynamic storage provisioning.

…

This was backed up by EqualLogic EMEA VP John Joseph saying: “Stay tuned” when asked if this meant an automated interface between VMware’s virtual infrastructure and EqualLogic PS arrays such that a virtual server could be provisioned automatically with a volume of storage from an EqualLogic iSCSI storage pool.

…

This means that VMware will have an API through which storage provisioning commands can be issued and through which storage status messages can be delivered by a storage resource to VMware, such as ‘I’m getting full up.’…

Read the whole article at source.

Microsoft seems to work in the same direction, working with QLogic to integrate N_Port ID Virtualization (NPIV) in upcoming System Center Virtual Machine Manager.