I’m a little late to the game, but finally got around to installing PowerCLI 5.0.1. Upon connecting to my lab vCenter, I learned of the behavior change that will appear in future releases of PowerCLI. In short, you won’t be able to connect.

By default, it’s unset:

To change that, set the Invalid Certificate Action to Ignore:

You simply type this:

It could potentially break all your scripts if you upgrade to whatever’s after 5.0.1.