Good news! VMWare have decided to finally add support for Windows 7. I would say a little too late given the general availability of the RTM for the last couple of months.
The upgrade the VMWare ESX 4.0 Update 1 ran smoothly and all hosts came back to life after the upgrade as they should. Installation of the client on Windows 7 was also painless, and best of all it actually worked.
To anyone from VMWare who may be watching, it would be nice if you had some form of announcements mailing list so we could be informed of these updates being made available.