After upgrading to my version of VMware Fusion 4 to 5, I noticed upon VM boot none of my machines displayed any graphics except a black screen, essentially rendering them useless.
The quick fix for this I found is to dive into each ‘.vmware’ folder for each of your VM’s located by default in:
Right click Show Package Contents will display VM contents.
Open the related .vmx file in your favourite text editor, append the following line, then save and quit.
mks.gl.use32core = TRUE
Support article from VMware here