The best way to play VMware is EMC.
Although, VMware's sales nearly doubled during the last quarter, they are still not commensurate with their multiple. Therefore, you can always bet with EMC, because it owns 85% stake, and the earnings will show VMware's profits.
EMC conversely is undervalued relative to VMware. The P/E ratio is only around 33 (still high, but no where near VMware).
What do you think?