I have senario in which I have a system running volume manager,
the root disk is encapsulated and mirrored, and the system fails on some
hardware problem. Now I have a new machine(identical) on which i want to
boot with the boot disk of the failed machine and recover my volume configuration
and then restore data from back-up. Is this doable? Will there be problems
with hostid and vxlicense? Is there a workaround?

Magesh.