I'm having exactly the same problem since I installed VMware Player 3.1.2 yesterday on Windows 7 - 64-bit. In my case the guest OS is Kubuntu 10.4.
I didn't have this issue with the previous version of VMware player.
Did you get any feedback from other VMware users, or were you able to solve the problem yourself? If so, please post the solution.
I am not sure if this is the same cause, but that happened to me until I logged into the guest operating system and changed the screen resolution. In Ubuntu 10.4 you would go to System > Preferences > Monitors and change the resolution. I would aslo make sure that vmtools is installed on your guest OS. I rememember hearing that it can affect the auto resize if you minimize and maximize the vmplayer window.
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