Well done, dbasabe. Your post just solved several months of aggravation for me.
Fedora 21 (now 22 beta) host, Windows 7 x64 guest, VMplayer 7.0 and 7.1, 3D acceleration enabled -- the system GUI would freeze up entirely within seconds or minutes of starting up the guest. Mouse pointer still moved, and some host system window updates continued to happen, but all else appeared frozen in both the guest AND host. I had to ssh in and kill vmware-vmx to get control of the system back. Without 3D acceleration, everything worked fine.
This vblank_mode fix seems to solve it for me. Acceleration works again.
Kudos. What a weird regression though.