Hi DCormack,
You're looking at the logs for the USB arbitrator, which is just one component of VMware Fusion. That component hasn't changed since version 5.0.1, so the log file says it's a component from 5.0.1. The build number, 1040386, corresponds to the VMware Fusion 5.0.3 release, so everything is in order.
It's unlikely that the USB arbitrator log will tell us anything about the problem you're having there, but if you could kindly post your support information bundle as tracywang suggested, we might be able to figure something out from the other logs.
Thanks!
--
Darius