Well it took a while to get a USB WiFi Network Adapter to test with as I couldn't find the one I used when I wrote this paper.
Bottom line is, it worked as advertised while using OS X 10.8.3 Host, VMware Fusion 5.0.3 and a Windows 7 32-bit Virtual Machine.
The Windows Virtual Machine has 1 Network Adapter in it's Settings and that is set to Bridged. Windows 7 Virtual Machine has a Belkin N150 Wi-Fi USB Adapter, which connects to one of the Routers on my LAN, and the adapter has ICS enabled on it. This set the IP Address of the Intel PRO/1000 MT Virtual Ethernet Adapter to 192.168.137.1 although on your system is may be different and that's okay as long as it's not a 169.254.0.0/16 IP Address. Also it does not assign a Gateway IP Address and that's okay as it does not need one in this case. On the Host I created a Computer-to-Computer Network and the Host's Wi-Fi Network Adapter picked up a 192.168.137.74 IP address via ICS on the Windows 7 Virtual Machine. So now the Host is connect to the Internet via the Host's Wi-Fi Network Adapter connected to the Guest's Wired Ethernet Adapter via ICS running on the Guest's Wi-Fi USB Adapter. The Host itself has no other active connections other then the Computer-to-Computer Network.
Again, bottom line it this still works as advertised! 