I'm either missing something very simple, or it's just not there - but how does one create snapshots or undo disks with VMWare Player?
When you close VMware Player, you have two options: 1. Shutting down. 2. Suspending.
Shutting down the virtual machine is like powering off your computer. Suspending actually creates a snapshot of your VM’s state at that point, which you can restart from it later on. VMware Player only supports one snapshot per VM. However, if you need multiple snapshots, you can consider buying VMware workstation version.
But you could make a copy of the virtual machine folder while it's suspended and name the folder MyVM_Snapshot1 etc.
Undo disks is a major advantage for Microsoft Virtual PC over VMWare Player. It gives you the ability to start a virtual machine, play with it as much as you want, and then simply close the machine without saving (committing). Using VMware player, this is equivalent to creating a snapshot every time you start your virtual machine, which is far from practical.