Jon,
There are two sets of hierarchal permissions, each is defined in their respective view. Even though you may be able to see everything in Hosts and Clusters, you may not have access to view everything in the folders shown in VMs and Templates.
It sounds like whoever setup your account did it wrong in one of two ways:
1. forgot to remove your permissions in Hosts and Clusters
2. didn't add permissions to some folders in the VMs and Templates view.
Regards,
Jon Hemming, B.Sc., RHCT, VMware vExpert 2009
http://twitter.com/vJonHemming
If your problem or questions has been resolved, please click the button "Correct Answer". If someone has assisted, please click "Helpful Answer".