If you are confused with VMM 2012 Networking in SP1 there is a new poster on the horizon that will help you:
- Plan your VMM networks using a logical view of VM networks, logical networks, and logical switches using a variety of configurations including VLAN-based configuration, no isolation, network virtualization, external networks, and with no virtual networking.
- Configure networking in VMM using configuration steps by roles including fabric administrators, tenant administrators, or by any user.
- Understand the network object model with diagrams of objects showing the relationships between objects.
- Extend VMM with options including using a vendor network-management server with extensions, connect a VM network to other networks by configuring the VM network with a gateway, and load-balance requests to VMs that make up a VMM service tier by adding a load balancer to VMM.
Grab it from here.