Just FYI:

When attempting to P2V a Linux box to an ESXi 4.1 server using vConverter 4.0.1 build 161434, the conversion “froze” at 1% loading the vConverter helper ISO image. One attempted timed out after 20 minutes, but another attempt from a different workstation timed out almost immediately.

The following was found in the vConverter log file:

[#16] [2010-08-17 12:28:05.772 02472 verbose ‘wizardController’] Created data connection HelperVMNetworkDataConnection
[#16] [2010-08-17 12:28:05.772 02472 verbose ‘App’] Getting VIM connection to…
[#16] [2010-08-17 12:28:05.772 02472 info ‘App’] Connecting to host on port 443
[#16] [2010-08-17 12:28:05.787 02472 verbose ‘App’] [VimApi] Remote version not found. Assuming it’s a newer version so try using local version vim.version.version5

I tried another P2V using an ESXi 4.0 server as the destination host and the P2V worked perfectly.