One of the key advantages of VMWare from a operational point of view is the management capability, which is either much better than what most people have for physical hardware or much cheaper. Even with this new licensing model, VMWare still offers a positive ROI for a large customer, since that customer would also need to buy more licenses for products like IBM/Tivoli, CA Unicenter, BMC, etc. Those products are mega-buck, and enterprise customers are/were realizing cost savings by getting rid of them.
It's hard to see this from a small/mid-size enterprise perspective. Imagine $2M in recurring licensing charges and $750k in annual consulting expenses for a product functionally similar or inferior to Nagios. Or spending $20M annually on maintenance on software that you don't use. This happens every day in the Fortune 500 and government spaces.