Thanks for your .vmx, but I think mine it's ok, and yes I know you can reduce the ram after, it's just a check before installing on the minimum hardware requirements. I've tried replacing in the vmdk installer image in S/L/E folder the AppleLSIFusionMPT.kext with the old one, it seems more reactive in the first part of boot but it hangs on AppleIntel8254XEthernet address showing the spinning beachball wait cursor, and no activity led of virtual scsi hdd. Haven't tried yet updating a previous install of Lion VM, but I haven't enough space to clone.
That's where it "hangs" on my system as well, and indeed no activity on the hdd, but... on my system, if I wait about 10 to 15 minutes, all of a sudden it actually boots to desktop and I can fully use ML. Now when I first added the fakesmc.kext, it boots normally, but no keyboard / mouse (useless in other words). I actually had smc=true in de vmx, so changed it, slapped the kext back in, but now I get waiting for dsmos and it doesn't proceed any further, getting rid of the fakesmc.kext fixes this, but this comes with an unacceptable boot time of 15 minutes.
edit: didn't notice it at first, but it is indeed waiting for dsmos to arrive for a full 13 minutes, then it announces the arrival of dsmos and gets straight to the desktop.