About 6 months too late.
We are a virtualisation consultancy firm with around 150 clients, deploying a mix of hypervisors (VMW,XS,HypV, and a few others). Thousands of individual VMware host installs, and probably hundreds of thousands of VMs deployed. I'm hard pushed to think of a single one of our customers who has expanded his VMware estate since the introduction of the VRAM tax, and I know for sure we havent had any new green-field sites go the VMware route since VMware changed their pricing model to VRAM.
While VMware dont break-out all the details of their license revenues (upgrades vs new sales etc etc) I'm sure their numbers must reflect this story in some way.
We've had existing VMware sites keep tier-1 services on VMware while pushing lower value workloads onto XenServer or (more rarely) Hyper-V. Nobody has turned VMware off, but plenty have decided not to upgrade to VRAM taxed versions at least until today.
So far VMware has proved the best recruiting sergeant for Citrix that they could ever have wished for, in previous years I'd have hesitated to sit a VMware guy infront of the Citrix product, but not today.
Long-term EMC/VMware will need to keep the shareholders satisfied or the sell-side analysts will need to adjust their projections, so I dont think this will be the end of the story...