Actually, looking at the Level 2 debugs a bit further, it seems that the replies are indeed making their way back to the ibping client (ESXi), you can see this in the receive buffers and the hex dump, but the following message seem to indicate something is amiss on the ESXi server:
ibwarn: [3511788] _do_madrpc: recv failed: Resource temporarily unavailable
On a side note, I'm seeing a lot of references to the word "mad" in all the debugging information. I wonder is someone is hinting at something.