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Hi Simon, thanx for coming to our site.
The fail_over_mac option should definately be set to 1. Is a requirement of the bonding driver, not really of the SR-IOV VF's.
Thanks for the clear answer.
Although I would say that fail_over_mac should be 1 because of SR-IOV VFs. Using physical interfaces, you can leave fail_over_mac to the default value.