The shortcut to the server URL (local) is one of the icons in the VMWare folder on the start menu.
Once you are logged into the web UI, it's fairly easy to find the equivalent screens to set up a VM.
Each VM launches in a separate window, rather than tabbed in an app window as Workstation and Server v1.x do.
Also, Workstation v7.x supports 4 cores per CPU (iirc), so that's a way to get 4-way SMP in a single VM of Ubuntu. It maintains the tabbed app window of Server v1.x and previous versions of Workstation which is, admittedly, a lot easier to initialise VMs and otherwise manage them, if you are totally new to VMWare products.