Good to see you're still around! We never got a chance to say good-bye... Hopefully, things are going well for you.
Suggestions? I have a few... along with a couple of questions.

Regarding your set-up, how inexpensive are we talking about on the SIP endpoints (phones)? Personally, I've been using Aastra phones for the past two or three years now. Specifically, the Aastra 6757i. While not super inexpensive, it offers a ton of features for under $200. They are easy to configure, reliable, and they look good. You never have to use paper labels, either! A big plus in my book. Just program the key with what you want it to show. Configuration files are easy to read and follow, too.
You didn't mention which VM software you were going to use. You may find running a SIP/Asterisk server in a VM a bit trying. It can be done, but you may have issues with timing/transcoding in the VM. VirtualBox is good for testing, but don't try to use it for anything you want to rely on. VMWare is probably your best bet for running IP telephony in a VM. Not sure about Xen/KVM... but, you could give those a try, too.
Since you mentioned "no subscriber services", how are you going to access the PSTN (or are you?) That could change things drastically.
As far as shopping for endpoints, I've used 888VoipStore for the last couple of years. They've always been very helpful, they're usually the cheapest on pricing, and I get my stuff pretty quick. They carry a lot of different brands and should be able to answer any questions you might have.
Link:
http://www.888voipstore.comHave you decided on what software you're going to run, yet? You've got trixbox, AsteriskNOW, PBX In A Flash, Elastix, or rolling your own setup...
Let us know whenever you're back in town - you're always welcome at the meetings, of course! Heck, I might even buy you lunch at Griff's!
