We run linked clones and can achieve smooth windowed (not full screen) playback of 360 480 and 720. Once you start moving windows around and such it suffers but left on its own it works well. I would recommend testing with 3D enabled and also follow the optimization guide for your master linked clone.
http://www.vmware.com/files/pdf/VMware-View-OptimizationGuideWindows7-EN.pdf