There are 2 answers here.
1.) When you are requesting budget for the kit, you need to request something along the lines of what Troy has said above (1:1 Virtual to Physical CPU), maybe even more.
No doubt, you will not get what you are asking for, but as long as you keep memory high and are not hammering your CPUs, you can get away with FAR less.
2. ) I have sen environments with 30:1 ratios run perfectly, as workload on different VMs was balanced through differently daily and monthly cycles.
In reality though, you could probably have a functioning cluster with half of Troy's design work 100% properly, but you need to remember that once you implement this, the requirements will quickly grow. People quickly realise that VMware is resource on tap and start requesting all sorts of machines.
The advice in the various posts is well worth taking - the only remaining thing I can add is that you always should overspecify your design and if possible have enough resource for at least 1 host in the cluster to go down at any time (but preferably 2)
good luck and please post back with your eventual design.