VMware recommends in their KB Article that you update to the latest patch of the View Client (the latest patch available on their website is Build 353760), or uninstall the two offending MS Updates (KB2482017 & KB2467023).
Essentially the two patches are to fix holes in Internet Explorer and to address issues that occur when the system binaries are unloaded and loaded. Installing either of these updates will break the VMware View Client so that it will not connect to the View Connection Server. The behavior I experienced was that it appeared as if the VMware View Client locked up after I clicked on Connect.
To fix it, simply download the patch, install, and your back in the game.
Here's the text of the VMware KB Article for your convinience:
Unable to connect from the View Client on Windows 7 to the View Connection Server after installing the patch in Microsoft Knowledge Base article 2482017 or 2467023