Product : VMware, vSphere/6.0, Enterprise Plus
Feature : Replication / Site Failover, HA/DR, VM Mobility and HA
Content Owner:  Roman Macek
Summary
Limited (native): vSphere Replication
Yes (with Vendor Add-On: SRM )
Details
vSphere 6.0 vSphere Replication – Improved Scale and Performance for vSphere Replication. Improved Recover Point Objectives (RPOs) to 5 minutes. Support for 2000 VM replication per vCenter.

vSphere replication (hypervisor-based replication product) is included in vSphere (without having to purchase the fee-based Site Recovery Manager) since vSphere 5.1 (maintained in 5.5)
VMware vSphere Replication will manage replication at the virtual machine (VM) level through VMware vCenter Server. It will also enable the use of heterogeneous storage across sites and reduce costs by provisioning lower-priced storage at failover location. Changed blocks in the virtual machine disk(s) for a running virtual machine at a primary site are sent via the network to a secondary site, where they are applied to the virtual machine disks for the offline (protection) copy of the virtual machine.

Site Failover functionality can be achieved with vSphere replication but without Site Recover Manager (SRM - fee based Add-On) you will not achieve a fully automated site failover (without further scripting or other orchestration tools).
VMware introduced the built-in vSphere Replication function with vSphere 5 and SRM 5. Prior to vSphere 5.1 this feature was only enabled with Site Recovery Manager, a fee-based extension product - not the base vSphere product.
With 5.1 this feature became available with the standard vSphere editions (maintained with vSphere 5.5).

vSphere Replication 5.5 has the following new features:
- New user interface: You can access vSphere Replication from the Home screen of the vSphere Client.
- Multiple points in time recovery: configure the retention of replicas from multiple points in time (you can configure the number of retained instances and view details about the currently retained instances)
- Adding additional vSphere Replication servers: You can deploy multiple vSphere Replication servers to meet load balancing needs
- Interoperability with Storage vMotion and Storage DRS on the primary site
- vSphere 5.5 includes VMware vSAN as an experimental feature. You can use VMware Virtual SAN datastores as a target datastore when configuring replications, but it is not supported for use in a production environment.
- Configure vSphere Replication on virtual machines that reside on VMware vSphere Flash Read Cache storage. vSphere Flash Read Cache is disabled on virtual machines after recovery.

Please note that while Site Recovery Manager can be used to orchestrate vSphere replication i.e. automate the site failover - it is not included with this license, but can be purchased as fee based option - see Vendor Extensions section below.