ESX vs ESXi
ESX and ESXi official comparison:
http://kb.vmware.com/kb/1006543 - VMware ESX and ESXi 3.5 Comparison
http://kb.vmware.com/kb/1015000 - VMware ESX and ESXi 4.0 Comparison
ESX vs. ESXi which is better?
http://communities.vmware.com/blogs/vmmeup/2009/04/07/esx-vs-esxi-which-is-better
ESXi vs. ESX: A comparison of features
http://blogs.vmware.com/esxi/2009/06/esxi-vs-esx-a-comparison-of-features.html
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ESXi limitations
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Free ESXi limitations
ESXi 4.0 free can not be connected to a vCenter Center (it required a VC agent license)
ESXi 4.0 cannot hot-add a virtual disk (it require a hot-add license)
VCB does not work (it require a VBC license)
Lot of 3th part backup programs does not work with free ESXi
RCLI and VMware Infrastructure toolkit are limited to read-only access for ESXi free
The free version of VMware ESXi does not support SNMP
The free version of VMware ESXi does not support Active Directory integration at this time
See also what's the difference between free ESXi and licensed ESXi?
http://vmetc.com/2008/08/10/whats-the-difference-between-free-esxi-and-licensed-esxi/
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Sources