physical master server vs virtual master server

Hello Experts,

My client wants to convert physical master server(win 2003, good configuration in terms of RAM, cache memory etc) into a virtual machine win 2012(VMware based master server). we got 45 TB of front end data. 2 tape libraries and 6 NBU appliances. it is not a small data center.

I really dont know whether this decision to convert physical master server to virtual master server will do any good. I need ur views on physical master server vs virtual master server.

Please share your experience, knowledge on this topic.

I would like to know pros n cons of physical master server vs virtual master server