Recently I was involved with a customer that was utilizing a failover solution for their servers called DoubleTake Software.  It's a software based failover solution.  We tested the solution on a LDMS core, and to my surprise, it worked perfectly.  Very impressed.

Testing conditions were the following:

LDMS Core running 8.7 SP4 and Windows 2003 R2

Backend SQL server on separate box running MS SQL 2005

Second server running Windows 2003 R2 and the same hardware as the primary LDMS Core setup as a failover for primary

Test involved shutting down the primary LDMS Core, then rebooting the failover core after a failure was detected.  No changes were made to any of the Agent machines or remote console connections.  The failover core does NOT need any of the LDMS software installed, it's all handled by the DoubleTake software.  Remote Consoles where able to make a connection to the failover server after restarting the console session, and the Agents were able to report in to the failover core with no issues.

A possible alternate configuration would be a VMWare machine setup as the failover for the primary core.  This was not tested, but I believe that it would work.

The software can be found here:

http://www.doubletake.com/