This card, or UCS in general, wouldn't need an enterprise plus license specifically.
DVS would only be used if you decided your design warranted it.
It would simplify switch management across your hosts by simply connecting uplinks from each host to the DVS.
The alternative is to manage each hosts' switch configuration manually (*some automation/management could be done via host profiles.........which......requires an enterprise plus license)
So if you are really going to use all those PCI devices as NICs (although I'd question why as you're really just carving up whatever bandwidth you have going from your VIC to your IOMs to your Chassis and ultimately the FICs) then why have so many vNICs in your Service Profile?
Does that answer your question? :-)
Chris