Is it possible? How does it work? Does it work well? The last question is the one you should ask before you embark on this vROPS on physical adventure. It does work. Now, as of this writing it ONLY works with the soon to be deprecated EPOPS agent. It is NOT currently supported with the newer telegraph agent yet (hopefully in the future). The agent mostly works without a hitch. Some of the in box alerts don't work for physicals because they are looking for VM specific metrics, so you have to create custom symptoms and alerts just for physical (like disk usage for instance).
With the impending demise of the EPOPS agent, I was hopeful the newer lighter Telegraph agent would fully replicate the functionality. While the new agent is relatively easy to push from the console and it does a great job with built-in apps, monitoring custom services does not appear to be a feature. With EPOPS you could monitoring custom Windows services, even use a custom script. Now (with Linux as well), it appears this functionality is gone.