No video output with the official Windows XP VMWare VGA driver

Steps to reproduce:

1) Set -vga to vmware
2) Install Windows XP SP3
3) Install VGA drivers from http://packages.vmware.com/tools/releases/latest/windows/x86/VMware-tools-windows-10.0.5-3227872.iso

Result: completely black screen (even after F8 -> use VGA mode).