Solved my own problem. I needed to load in the namespaces from the "rasdItemsList" xpath into a System.Xml.XmlNamespaceManager, then lookup the URI's for each when creating the elements.
$nsm = New-Object System.Xml.XmlNamespaceManager($xmldoc.nametable)
$nsm.addnamespace("xsi", $xmldoc.rasdItemsList.GetNamespaceOfPrefix("xsi"))
$nsm.addnamespace("rasd", $xmldoc.rasdItemsList.GetNamespaceOfPrefix("rasd"))
$nsm.addnamespace("vcloud", $xmldoc.rasdItemsList.GetNamespaceOfPrefix("vcloud"))
$xmlElt = $xmlDoc.CreateElement("vcloud:Item", $nsm.LookupNamespace("vcloud"))
$xmlSubElt = $xmlDoc.CreateElement("rasd:Address", $nsm.LookupNamespace("rasd"))
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:AddressOnParent", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("0")
$xmlSubElt.AppendChild($xmlSubText)
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:AutomaticAllocation", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("false")
$xmlSubElt.AppendChild($xmlSubText)
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:Connection", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("none")
$xmlSubElt.AppendChild($xmlSubText)
$xmlAtt = $xmlDoc.CreateAttribute("vcloud:primaryNetworkConnection", $nsm.LookupNamespace("vcloud"))
$xmlAtt.Value = "True"
$xmlSubElt.Attributes.Append($xmlAtt)
$xmlAtt = $xmlDoc.CreateAttribute("vcloud:ipAddressingMode", $nsm.LookupNamespace("vcloud"))
$xmlAtt.Value = "NONE"
$xmlSubElt.Attributes.Append($xmlAtt)
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:Description", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("Network Adapter 0")
$xmlSubElt.AppendChild($xmlSubText)
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:ElementName", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("Network Adapter 0")
$xmlSubElt.AppendChild($xmlSubText)
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:InstanceID", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("0")
$xmlSubElt.AppendChild($xmlSubText)
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:ResourceSubType", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("E1000")
$xmlSubElt.AppendChild($xmlSubText)
$xmlElt.AppendChild($xmlSubElt)
$xmlSubElt = $xmlDoc.CreateElement("rasd:ResourceType", $nsm.LookupNamespace("rasd"))
$xmlSubText = $xmlDoc.CreateTextNode("10")
$xmlSubElt.AppendChild($xmlSubText)
$xmlElt.AppendChild($xmlSubElt)
$xmlDoc.LastChild.AppendChild($xmlElt);