With the attached patch you can persuade your VMware Workstation to work on the newest Linux kernel 2.6.29. There are no guarantees, but it works for me(tm).
Unpack tar's from /usr/lib/vmware/modules/source into some directory (except vmppuser.tar), patch the source (patch -p1), run make in every subdirectory, copy resulting kernel modules to /lib/modules/2.6.29/misc and run depmod -a. Then you can run /etc/init.d/vmware start and check that all modules loaded correctly. That should be it.
Oh well, not 24 hours later I noticed that networking support still had some problems, I couldn't connect to virtual machine remotely, and also ifconfig output of vmnet8 was very weird. After some more inspection, I found that vmware's Makefiles had some problems with the kernel build system in 2.6.29. So, I rewrote the patch to better fix incompatibilities, find it attached (v2). One other difference is that I got tired of putting so many #if's in the code, so the new version of the patch is not backward compatible anymore (won't work on an older kernel like 2.6.28). Have fun!
I've noticed that when run on 2.6.29 kernel with either mine or Josh's patch, vmware-vmx is a kind of a CPU pig. It spends up to 3 times more time in kernel then before, on comparable workloads. Now, that is not to say that either of the patches is wrong, but it can't be ruled out either. I assume we'll just have to wait to VMware to do the proper fix, and in the meantime the patch will allow you to continue to run VMware Workstation on the newer kernels, but with some performance penalty.