Lies, damn lies and bundling...
Full disclosure current VMware employee, but my posts are my own and this is my 2 cents on what happens...
So when I worked in the channel for a partner we could sometimes get our storage partners to go negative on a deal if there was a business case made that there would be expansion in the next 6 months that would bring the deal positive (Sell array below cost, and then 87% discount vaporizes on expansion, or support renewal in year 4 spikes).
My understanding of Hyperflex is unique in that you can't renew the hardware support without paying Opex pricing for the software (also the software MUST be licensed to run a bit like Meraki in that you can't keep running it without paying a renewal). In this case for customers who's TCO calculating skills involve looking at PURELY capex will be able to buy it below the cost of the hardware up front and make it up (The razor blade model) on renewals. On top of this there is so much profit in a Nexus 7K refresh that if you bundle it with a FI/5K/7K refresh you can sell a 50K Hyperflex bundle for 40K because it's bundled in with a 400K Routing and Switching refresh that's still full of profit and massage the numbers so that they get less discount if they don't buy the hyper flex with it. I'll also note that storage array vendors have been doing this for YEARS. Array renewal time? If you go with a competitor you'll miss out on 80% off on the backup software, or dedupe target renewal savings that we can't give you. Hell even Microsoft and oracle get in on the fun of making your ELA more expensive to renew if you don't agree to book some Azure credits so they can show cloud growth.
I've spoken with a few Cisco partners, SE's and customers and in my (anecdotal experience) it sounds like aggressive bundling, or account seeding accounted for every booked deal I'd spoken with.
I'm not going to argue that bundling is bad for the customer (More discounts, fewer vendors to talk to), but when the costs get hidden and fudged together like this eventually there is a reckoning If they realize for the TOTAL value they are getting it's not what they could do if they spilt it up and went best of breed or wholesale went to another shop. Either way, the biggest losers in these deals long term are always the small and up and coming guys who don't have anything else to bundle (Say your only storage, and don't have a VDI platform or a hypervisor) and don't have enough differentiation to show why a premium should be paid for "unbundling".