fakesmc now reports 2 missing SMC keys MSTf (an old one) and MSDS. That doesn't seem to prevent booting.
Stay tuned for VMware...
Update: SCSI disk not recognized under VMware.
UpUpdate: The problem is AppleLSIFusionMPT.kext. Retain AppleLSIFusionMPT.kext from OS 10.7.1, and OS 10.7.2 can be booted in VMware. If you've already upgraded, overwrite it by mounting the HFS volume in another virtual machine. If you need AppleLSIFusionMPT.kext from OS 10.7.1, can download it [May 13 2012 - link removed].
[Using guestos darwin11-64, firmware efi, npci=0x2000]