With vSphere 5.1 VMware introduced the stand-alone vSphere Replication feature that enables you to continuously replicate Virtual Machines between different hosts using different storage. Formerly this feature was only available with SRM (Site Recovery Manager), this is why I call the SRM-less version "stand-alone" here, although this is not the official product name.
Stand-alone vSphere Replication is included with the vSphere Essentials Plus Kit, the Standard, Enterprise and Enterprise Plus Editions. It requires at least one vCenter server and one vSphere Replication Appliance (vSRA) per vCenter and uses the new Web Client as a management GUI for configuring and managing replication and VM recovery. For more detailed information I recommend reading Ken Werneburg's excellent Introduction to VMware vSphere Replicationwhite paper.
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