This is a video shot last September at VMworld in San Francisco. We had a birds of feather session with Eric Schott (Director of Product Management, EqualLogic) and Kiran Ranabhor (Technical Product Manager for DR, VMware) and the question was asked what kinds of storage provisioning (or access modes) would be supported with SRM.
The answer is that in the initial release of SRM, the access method supported is VMFS. Raw device maps and running iSCSI software initiators in the virtual system would not be supported initially for SRM. I suppose that's possible it could have changed since September, but I doubt it.
FWIW, here's a link to a bonus video of Dell EqualLogic's Will Urban at VMworld Europe talking about SRM too.