<p>In terms of Webserver and low package size installation.</p>

To be honest, the best distro for VMWare is the one the admin has the most experience with.  With the GUI stuff all disabled I've not found any difference in performance between RedHat, Centos and Ubuntu when running VMWare.
Picking the distro that you can adminster easiest will save you hassle.  If you already have a few linux systems using the same flavour makes the admins job a lot easier.