A nice post on VLADAN's Blog about doing P2V with VMware Workstation 7 built in features...

--> Here it goes :

http://www.vladan.fr/use-vmware-workstation-7-for-p2v/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+EsxVirtualization+%28ESX+Virtualization%29