I'm having a bit of the same problem. However, I've managed to change my xorg.conf to use the generic vesa driver so i can start an X session at a decent resolution and color bitdepth. To try out FC2, I blew away my FC1 installation which had the native VMWare video driver working and VMWare Tools installed so everything was golden. I probably just have some bad values in xorg.conf for my monitor.
Update: Managed to get the native VMWare X driver working properly, and all resolutions and color depths are available
. When I tried to configure VMWare Tools, the build process failed for the shared folder module. No big deal, since I transfer files b/w my host and guest OS via FTP. But installing VMWare Tools broke my xorg.conf, so I guess I'll have to live with 3 and 4-finger salutes to switch b/w my OSes :\