I tried setting Windows XP Mode up (clean install) in Windows 7 as I have previously done with old versions of VMWare Player. The import fails to complete and no VM appears in the library. However, a VM is created in my user area and starting starts Windows XP Mode. This happens when using the VMWare Player from the Tech Preview and also VMWare Workstation. I let VMWare install the relevant Converter App automatically.
This happens with the June and July 2012 tech preview running Windows directly or through Fusion 2012 TP
2010 MacBook Pro 15"
Intel i7 620
GeForce GT 330M
8 GB RAM
Windows 7 Professional 64-bit running directly and through Fusion 4/Tech Preview July 2012
Once started, the mouse does not work at all in the guest VM (even after a tools install) and shutting the VM down produces a black screen but no shutdown where I manually have to select Power off or Reset. I continued using the keyboard through the setup process and it yielded a booting Windows XP VM with no mouse and the same black screen.
I found a workaround - remove the Virtual PC Integration Components. This allowed the mouse to work and I seem to have a fully working XP Mode VM now.