Lots of craziness going on with this topic. It is really frustrating how crappy 
documentation can be at times. Forums are our only salvation! :D 

I spent the day hacking at this and got is going. See this doc and the related 
VCB topics:

http://ist.uwaterloo.ca/download/networker/nw743-release-notes.pdf

Syntax changed for Save sets.

You can now enter your VM's hostnames as clients and use the "Virtual Client" 
checkbox. Enter the Virtual Center or ESX IP in the "Physical Host" field. 

Now you get individual indexes for each VM that is backed up.

Will post more later, gotta get some food!

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