Example:
Wildcard SSL certificate for *.example.com installed on two different boxes.
hostEU.example.com A 60.70.80.90
hostUS.example.com A 200.210.220.240
I assume this is a perfectly valid scenario, where the actual hostnames do not reside on the same IP (or even the same box for that sake).
Is my assumption correct?
Yes, there is not technical limitation for this; except if your CA prohibits this use explicitly.
The most frequently limitation given by a CA is on the "physical servers", but may be someone limits even on IP basis.
As an example, Geotrust Wildcard Ssl says:
I know a lot of CAs do limit you to set number of "physical" server. Certainly my experience of Comodo is such.
But can the ToS being avoiding when you deploy on a cluster of "virtual" machines?