We need to choice between Hyper-V and regular cluster technologies. What is the advantage and disadvantage of these approaches?

Update:

We have to physical servers and want to build reliably solution using cluster approach. We need to clustering our application and DB (MS SQL). We know that we can use:

• Regular Windows Cluster Service. Application and DB will be migrating from one node to other.
• Hyper-V Failover Cluster. Virtual machine will be migrating from one node to other.
• Combined variant. DB mirroring for MS SQL and Hyper-V for our application.

We need to make a choice between this approach. So we need to know advantage and disadvantage of these approaches?