Recently Quest Software announced the End of Life (EOL) of vConverter. They will stop selling it at the end of this month and stop offering support a year after that. Here's a copy of the announcement to partners:
So, is there a new product on the horizon or are Quest seeing / foreseeing a decline in the market for P2V? It's a legitimate entry point into virtualisation although whenever possible I'd recommend re-platforming applications or migrating data instead of using P2V as you get a clean, optimised server out of it.
Time will tell, it'll be interesting to see what happens to PlateSpin, vCenter Converter etc.