"When Microsoft launched WS16 last autumn, it shifted from licensing per CPU to licensing per core for the Standard and Datacenter editions. All physical cores on the server must be licensed,"
Did that mean that you couldn't run Windows Server Standard on a Virtual Host?
Whereas in the past for small deployments you could licence the VMs individually with a Standard licence, it seems to suggests that doing that now would require you to licence the whole physical server multiple times (once for each VM). This is what Datacentre edition was for - to licence the whole physical server.