I have run into an interesting situation this morning. Take the vSphere software iSCSI initiator with the VMkernel port IPs on subnet A, and try to connect them to an iSCSI target on subnet B. If it is set up correctly, you can see the list of LUNs in the static discovery list, but it cannot connect to it.
vSphere 5 continues to not be able to route software iSCSI traffic.
We added a VLAN tag on the switch for the second storage network, tagged and changed the VMkernel IP addresses appropriately, and the storage will now mount.