From the VMware KB:
http://www.vmware.com/support/esx21/doc/esx21admin_MACaddress.html
This is for the ESX 2.1 product - they are currently shipping 3.0.1.

MAC Generator for VMware ESX
http://www.vmguru.com/files/10/tools/entry15.aspx
It's not perfect though: http://www.vmware.com/community/thread.jspa?messageID=323680

The different MAC ranges registered to VMware:
00-05-69-xx-xx-xx
00-0C-29-xx-xx-xx
00-50-56-xx-xx-xx

It seem that when the VM is powered on that the VMware software will generate a random MAC address if none currently exists. If your VM gets moved to a different host it's MAC address may be changed by the VMware software to prevent a conflict with a VM already powered on on that machine.

Personally I've never manually generated a MAC address, and I've run at time 50 VMs on one machine - I let the software do the work. Having said that I've never had an application that was MAC address dependent.