Hi Mark,
I think on ESXi 5 you can do it via the vSphere client on the configuration tab of the host:
Under Software | Advanced Settings | Config | HostAgent | log
Decrease the config.HostAgent.log.level to 'panic', 'error', 'warning or 'info' rather than 'verbose.
in 4.1 you used to have to do it by changing the value in the /etc/vmware/hostd/config.xml file - which was probably unsupported!
Hope this helps.
Dan
Edit: You might still have to edit an .xml file to reduce the vpxa logging - /etc/opt/vmware/vpxa/vpxa.cfg