We have deployed a vmware environment with an IBM HS21 Bladecenter with the 8853 blades. Each blade has two internal NICs which connect through the blade internal connectors to the two switches in the blade chassis. This is then attached to a DS4700 SAN.
We created one vSwitch with both blade nics as Uplinks for it. On this switch we have the vmkernel portgroup, the service console, 2 DMZ's and the main LAN. On the chassis switches, we configured three VLANs, One for the main network, one for the first DMZ and then the second DMZ. In the port groups we put the corresponding VLAN ID. The external ports on the chassis switches are then plugged into the different parts of our network.
We have 14 blades, 10 in production and 4 for our testing, and about 60 VMs. We have never had an issue with this setup. The network speeds don't seem slower than their physical counterparts and the environment feels quite speedy.
If you already have blades with only two NICs I would definately test it as is. Depending on how much load you put on each blade, you might be fine. VLAN certainly is the way to go.
Hope this helps,
Dan