You read it right, VMWare Player has made the jump from version 7 to version 12.
Big changes are better support for Windows 10, both as a host and as a guest, along with DirectX 10 and OpenGL 3.3 support. vCPU support has been bumped up to 16 processors, and the memory cap is now 64GB per VM and 2GB for video.
I think the bigger thing is that USB3 is finally supported in Windows 7 virtual machines (Workstation 12 as well as Fusion 8)! Been waiting for that for a long time! (It used to be a real pain in the ass because you only have USB3 ports in newer Macs, so you had to use a USB2 hub in between the USB3 port and a USB3 device to make it work in a Win7 VM…)