MSCS still has its place and out of the box HA does not provide the same protection, While vSphere 5 has an application monitoring API you have to include this or the application made aware of this for it to work, correct me if im wrong. so MSCS will still protect at the application level, weathers its a failed disk, service, OS and hardware. im still a firm believer of going as native as you can so MSSQL and MSCS are made to work together.
HA or equivilant will eventually make MSCS redundent that is if MS dont make it a true cluster and have them working as one in the future.
KennyView :
If you need a supported solution the only way your going to achive that with iSCSI across different ESXi hosts is to do "in guest" software initiators
so you have your 2 VMs on any host you want, and setup software iSCSI adapters in the guest OS(Windows) and connect them to the LUNs for the shared Cluster resources.
Look it will work with iSCSI RDMs its just you wont get support if something goes wrong from VMware.