I’ve seen this a couple of times already and just had a very long phone call with a customer who created the following set up:

So basically the first two nics are active with load balancing set to IP-Hash and configured as an Etherchannel on the stacked Cisco 3750’s. The second pair are “standby”. Also with load balancing set to IP-Hash and configured as a second Etherchannel on the stacked Cisco 3750’s. A diagram probably makes more sense:

Explanation: All NICs belong to the same vSwitch. Etherchannel 01 consist of “vmnic0″ and “vmnic3″ and both are active. Etherchannel 02 consists of “vmnic1″ and “vmnic4″ and both are standby.

The rest is on :

http://www.yellow-bricks.com/2009/10/12/active-standby-etherchannels/