Windows 2012 has been released officially and I decided it was time to give it a test drive on ESX 5 (Build 623860). I started to do the install and after the first reboot I got a Windows logo on a black screen with spinning dots.
On first look I thought it was drivers or the boot options was incorrectly selected. Upon checking at VMware's patch portal (http://www.vmware.com/patchmgr/download.portal) there was a fix under patch "ESXi500-201207401-BG" :
"PR 838946: During the installation of Windows Server 2012 or Windows 8 64-bits virtual machine, the virtual machine displays a black screen with a loading icon and stops responding during the start-up process.
Note: If using Windows Consumer Preview version, after you promote a Windows Server 2012 or Windows 8 64-bits virtual machine as a domain controller, rebooting the virtual machine causes the virtual machine to stop responding and display a black screen during the start-up process."
I did the patch update and it took the build to version 768111 and now all working like a treat without needing to do any tweaks.