Product : Red Hat, RHEV/3.6, RHEV
Feature : Bundle/Kit Pricing, Pricing, General
Content Owner:  Roman Macek
RHEV: No included (RHEL: 1/4/unlimited)
Customers can buy the Red Hat Enterprise Linux with Smart Virtualization which includes both RHEV and unlimited RHEL guests for use as the guest operating System.
RHEV stand alone subscriptions include the RHEV-H hypervisor and RHEV-Manager, they do not include the rights to use RHEL as the guest operating system in the virtual machines being managed by RHEV.
The customer would purchase this separately by buying a RHEL for Virtual Datacenter subscription.

Please note that RHEL hosts generate additional subscription costs that are not included with RHEV (see for details). RHEL hosts are priced by sockets (2, 4), number of virtual guests included (1, 4, unlimited) and subscription levels (Standard/Premium).