While the speculation in this forum makes for interesting reading, there are some other opinions you may have missed:

VMware - Novell SUSE Acquisition Rumors: Why it Makes Sense | Gartner, Chris Wolf
VMware is buying Novell - Computerworld Blogs
VMware eyeing Novell's SUSE; Complete software stack ahead? | ZDNet
VMware considering Novell purchase | The Industry Standard - InfoWorld
Five Reasons VMware May Buy Novell SUSE Linux | The VAR Guy

It would seem that VMware is after the low-hanging fruit leaving Novell to try and find a home for the remaining products. But that's just speculation on my part. ;-)