if you want full load-balancing and failover you need a license for PowerPath/VE for Windows HyperV ..regardless if you are doing iSCSI or FC connectivity.If you are connecting virtual machines to Clariion via iSCSI they will also need a license ..regular PowerPath license though (see  emc225633). Are you sure you did not select "Connecting to AX array only" during installation ?  You can experiment with Windows 2008 MPIO for simple failover.
I have this executable file  EMCPower.X64.signed.5.5.b289.exe  after installed powerpath is requesting a licence, why?.... i have alredy completed 2 hyperV 2008 installed with the same version and no licence was requiered.  now with a thirtd server, powerpath needs licences, where to find that licence, am i using a wrong version of powerpath.  Thanks. mc
PowerPath x64 5.5 is requiring license in windows 2008 via iscsi on CX4-120