VMWare officially released Workstation 8 this week. The new version has some nice features and the transition from 7.1.4 was very smooth. I’ll warn you however that you will want to keep hardware compatibility level of your VMs at Workstation 7 or lower. If you upgrade them to Workstation 8 they won’t play in VMWare Player 3.1.4. They will play fine in VMWare Player 4 but for some reason VMWare hasn’t yet released VMWare Player 4 as a stand alone download. Right now the only way to get VMWare Player 4 is as part of the Workstation 8 bundle. If you need VMWare Player 4 right away you can install Workstation 8 as a demo. That should likely tide you over until Player 4 is released separately.
VMWare Player 4 was released October 4, 2011. If you’ve already got VMWare Player 3.1.4 installed it should automatically prompt you to update.