While VMware requires a 64-bit CPU to run 64-bit software, every Mac that supports Lion already has a 64-bit CPU, and is capable of running 64-bit software outs

While VMware requires a 64-bit CPU to run 64-bit software, every Mac that supports Lion already has a 64-bit CPU, and is capable of running 64-bit software outside the kernel. VMware Fusion 4's OS X video driver is not hardware accelerated, however, so YMMV, especially on older hardware (not sure about the latest Fusion Tech Preview). You're right that it should boot, though.