To disable it, edit your ~/Library/Preferences/VMware Fusion/preferences file and add:
fusion.ui.fullscreen.nameBadge = "FALSE"
If you have any feedback on how it could be made less distracting and/or more helpful without removing it altogether, please let us know! We implemented this feature in response to a number of feature requests for ready ways to identify full-screen VMs (including ones that are powered off), so it'd be ideal if we could find a middle ground that would keep everyone happy. Feedback is heartily invited! 
Cheers,
--
Darius
Message was edited by: Darius Davis: Corrected the preferences file path. Thanks, WoodyZ!