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Based on the how it has worked previously, you will need to update your VSphere client when you update your servers. Servers left running on the previous version will still be accessible after you upgrade your vSphere client.
My advice, upgrade the VSphere client first before you upgrade the servers.

Regarding the update, it is nice to see support for windows 8 and server 8, however they normally label it experimental at this stage. With both versions not yet RTM it will not surprise me if there are some minor problems with the VMtools down the road.