VMware was pretty sneaky about its last Virtual Hardware update (vmx-10) in the vSphere 5.5 release. After updating your Virtual Machines, you could no longer edit the VM’s settings using the vSphere Client.

You were forced to use the Web Client to edit settings, but the Web Client isn’t available to standalone hosts. It is only available for environments with a licensed vCenter. (Test/Dev environments were out of luck). I assume after the frustrated customer uprising that took place on web forums, VMware has finally given us a solution. Customers just need to upgrade their vSphere Client to 5.5u2.
https://my.vmware.com/web/vmware/info/slug/datacenter_cloud_infrastructure/vmware_vsphere/5_5

One thing to mention though, they still have stripped customers of taking full advantage of editing their VM Settings. You are only able to edit hardware version 9 and 10 VMs, but only on the feature level of hardware version 8. (For real?)

Here are the list of properties that are editable

• Increase RAM
• Decrease RAM
• Change network port group
• Remove devices
• Increase vCPU
• Decrease vCPU
• Mount ISO
• Increase disk space
• Set a limit
• Remove a limit
• Set a reservation
• Remove a reservation
• Edit advanced settings