Been tinkering some more... first a correct, it's the 29900 drivers and the 30200 drivers I've been experimenting with. Not "33000", I don't think they exist. I tried upgrading the host drivers to 30200 and building the 30200 drivers from source on the VM. Same results. 
I did a tail on my vmkernel.log file from when I boot my VM with the PCIe Adaptec card in pass-through mode.
/var/log # tail -f vmkernel.log
2013-05-25T08:55:45.728Z cpu4:11058)AMDIOMMU: 250: remove device 0x100 (alias=0x100) from domain 993
2013-05-25T08:55:45.728Z cpu4:11058)AMDIOMMU: 178: assign device 0x100 (alias=0x100) to domain 992
2013-05-25T08:55:49.747Z cpu4:11058)AMDIOMMU: 250: remove device 0x100 (alias=0x100) from domain 992
2013-05-25T08:55:49.747Z cpu4:11058)AMDIOMMU: 178: assign device 0x100 (alias=0x100) to domain 993
2013-05-25T08:55:50.429Z cpu4:11058)VMKPCIPassthru: 2567: BDF = 01:00.0 intrType = 2 numVectors: 1
2013-05-25T08:55:50.429Z cpu4:11058)IRQ: 240: 0x39 <pcip_01:00.0> exclusive, flags 0x0
2013-05-25T08:55:51.587Z cpu4:11050)PVSCSI: 2390: Failed to issue sync i/o : Busy (btstat=0x0 sdstat=0x8) <<< this doesn't sound good
2013-05-25T08:56:55.285Z cpu3:11052)VSCSIFs: 2035: handle 8194(vscsi0:0):Invalid Opcode (0x85) from (vmm0:Amahi_(File_Server))
2013-05-25T08:56:55.289Z cpu3:11052)VSCSIFs: 2035: handle 8194(vscsi0:0):Invalid Opcode (0x85) from (vmm0:Amahi_(File_Server))
2013-05-25T08:56:55.760Z cpu3:11059)NetPort: 1380: enabled port 0x2000007 with mac 00:0c:29:df:e6:09
2013-05-25T08:58:29.676Z cpu2:8194)NMP: nmp_ThrottleLogForDevice:2319: Cmd 0x1a (0x4124404025c0, 0) to dev "mpx.vmhba32:C0:T0:L0" on path "vmhba32:C0:T0:L0" Failed: H:0x0 D:0x2 P:0x0 Valid sense data: 0x5 0x20 0x0. Act:NONE <<< same here. When this happened, I lost the console to the VM but it's not hung, I can still SSH to it.
2013-05-25T08:58:29.676Z cpu2:8194)ScsiDeviceIO: 2331: Cmd(0x4124404025c0) 0x1a, CmdSN 0xaf6 from world 0 to dev "mpx.vmhba32:C0:T0:L0" failed H:0x0 D:0x2 P:0x0 Valid sense data: 0x5 0x20 0x0.
2013-05-25T09:01:03.001Z cpu0:8275)WARNING: VFAT: 4346: Failed to flush file times: Stale file handle
Another interesting thing; if I disable the PCI passthrough to the VM, the VM works fine -- no disappearing/hanging console, and the VM comes right up in GUI mode. If I have the SCSI controller in PCI passthrough, it takes quite a while to boot each time and will only boot to text mode (then after about two minutes the console hangs).