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Running vSphere (4) and Virtual Center, you may encounter a situation where the all of the virtual hardware options are greyed out when you click "Edit Settings". I'm not sure of the root cause, but it seems to be able to be cleared up by taking and deleting a snapshot of the VM.
Pretty weird, but the snapshot seems to take care of it. I'm wondering what the root cause is. I suspect some type of issue related to the vmx config file.