Hmmm, interesting: I'm running Fusion 3 and I don't have any VMware items in my Mac's login items folder.
Have you tried right-clicking on it and choosing "Reveal in Finder"? That will at least tell you where it is located. Perhaps it's a remnant of an earlier version?
I have that item with Fusion 3.0. Reveal in Finder shows the application lives in /Library/Application Support/VMware Fusion and it is versioned at 3.0. I'm assuming it's an application to help perform certain Fusion actions at startup.
I also have a separate VMware Fusion menu startup item.
