I’ve learned to trust the cold clone version of converter as my defacto conversion tool as you can be sure that it is going to do the job right the first time and not hit issues based on file system depth, etc.
The big question is where is this functionality with the newest version? Hardware support in the bootpe disc (especially network drivers!) is a big deal with newer hardware coming out. Let’s get it together VMware and release a new version. My cold clone CD appears to have last been updated in May 2009 – lame!