Everything is running smoothly, but I did find the following steps had to be done to get a decent experience:
1. To ensure that the guest always resizes to fit the window, add the following lines to ~/.vmware/preferences:
pref.autoFitFullScreen = "fitGuestToHost"
pref.autoFitGuestToWindow = "TRUE"
pref.autoFit = "TRUE"
2. To make sure that VMWare is able to discover the USB devices connected to the host, ensure that /proc/bus/usb is mounted by adding the following into /etc/fstab:
usbfs /proc/bus/usb usbfs auto 0 0