VMware just announced they will be releasing a “VMware Converter” product. This is going to be an upgrade to their P2V application. The website boasts that some of the new features will be:

• Convert to virtualization faster
  VMware Converter rapidly improves cloning time though the use of sector-based snapshot copying rather than file level copying. Customize the image of your virtual mchines through a powerful scripting tool.
• Manage and schedule multiple conversions
  Easily manage, schedule, and monitor multiple conversions through the centralized management console. You can even queue up conversions for a later time.
• Integrate with VirtualCenter
  Convert directly into VirtualCenter 2.0 managed or ESX Server 3.0 virtual machines from the VMware Converter console.
• Convert remote servers
  Perform remote conversions with zero disruption to the source servers.
• Get broad operating system support
  Support is available for cloning the most common operating systems including Windows XP, Windows Server 2003, Windows 2000, Windows NT 4 (SP4 +) and 64-bit Windows Support (Windows XP and Windows Server 2003).

You can read more about VMware Converter here:

http://www.vmware.com/whatsnew/converter.html