VMware Fusion: Is there a way to create new VMs in alternate locations

As per this article VMWare Fusion will prompt you were to save the Virtual Machine during creation. If I recall in VMWare Fusion 2.0 you could specify this under preferences.

"This is not technically an answer...

I recommend creating all virtual machines in /Users/Shared and then applying permissions to the individual folders (i.e. the individual VMs). This has several advantages:

VMs don't take up room in the home directory.
/Users/Shared can be excluded from Time Machine since VMs shouldn't be backed up using Time Machine anyway.
VMs can easily be shared between users on the same Mac. Just create a group for VM users and change the group of the VMs to that group to assign permissions.
It's a clean solution.

Better yet, use a second hard disk for VMs if you can.

I have three VMs (Vista 64, XP 32, SuSE Linux 64) and they are all located on the second internal hard disk which isn't being backed up by Time Machine either."