This week is a time to talk about most things virtual.
microsoft recently released it's own p2v, i.e. Physical to Virtual Migration tool to assist with windows 7 deployment, allowing you to P2V your old windows xp environment into your new windows 7 deployment, should you need to run a critical app that would only work on Windows XP.
Before you get too excited consider the use case is Windows XP P2V as part of Windows 7 Deployments, not a generic P2V tool for multiple OS's that you may have expected.
Have a look at the Windows Team Blog for more information.