Nope - you're not wrong. Vmware doesn't support the i350's for SR-IOV. The only Intel nics it supports are of the 10Gb variety.
It appears there are VERY FEW 1Gb nics supported with SR-IOV. My guess is they found it wasn't really needed until things hit 10Gb.
I've a SM X10SDV-TLN4F that's running the 1.0a BIOS. I'm about to try using SR-IOV with ESXi 5.5, and I've some questions.
I've read that the 1.0b BIOS presumably blocks SR-IOV, but there was an un-supported BIOS that enabled it. Before I spend too much more time on this, is it possible that...