just a bit of an update, we've got a pair of 7010 switches acting as distribution switches. We've now gotten into installing 3120 module/switches into the HP chassis. This gives a 10GBit uplink per "side" to the chassis...each chassis gets two for redundancy. When putting two chassis in a rack, we'll "stack" each "side" together and they act as one switch with a 20GBit uplink for the 32 servers. I went from 66 copper cables all the way down to 6 cables (4 fiber and 2 copper). This is definitely the way to go.
In terms of redundancy, I can lose a switch and all servers still have one network connection. I can lose a fiber cable and only have a slower uplink on one "side".
on a side note, we are scaling back to 2 chassis per rack as there is no benefit to loading up that dense in our situation.