I hate to say it but EMC has finally influenced VMware.
Of course the new licensing model doesn't limit CPU. That is because there are VERY FEW VMware deployment that max CPU. RAM is usually the cap. But trying license based on physical RAM would be too easy for them. Let's license on what everyone uses most. Virtual (non existant) RAM. I know in my environment everyone that wants a server says they need XX GB of RAM and they use about 1/4 of the RAM they request. So rather than argue with them, I give their server the XXGB of RAM knowing that I can over subscribe the RAM. This is the greatness of VMware. Effeciency.
So now they are going to license us on the one thing that we don't really use. We aren't licenced on what we own or what we use but what we "MIGHT" use. Ridiculous scheme trying to squeeze every dollar out of their market share. This is what EMC does. To get any real funtionality out of their products you have to license more and more features that are already right there in the product. And we see how well that has worked for them. They are bleeding customers. VMware really doesn't have any competitors right now. If they keep this model, they will.