Yep...and even better...no moving of VMs is required then. All you need to do is power down the VMs from your ESXi3.5 host, right-click on them, and select 'Remove from Inventory'. (DO NOT SELECT TO DELETE THEM FROM DISK) When you have your new host built up and the same datastore connect to it, browse to the VM folders and 'Add them to Inventory' as I stated above. So, no moving of VMs will be required.
~coolsport00