I need to findout with this works with Vcenter V1 or if I have to upgrade to V2. I know it works with ESX 2.5.X
After announcing it at beginning of October VMware finally allowed access to early bits of its new P2V / V2V application, Converter 3.0, which will merge P2V Assistant and Importer.
The beta available (build 33128) for download is called Starter Edition, the rumored free version unable to perform concurrent migrations:
The Starter Edition has also a limitation in its new live migration capability: it cannot perform remote live migrations (performed without installing application inside the source physical machine) if target virtual machine is hosted by ESX Server.
All other kinds of live migrations (local and remote) are supported.
Read Release Notes for supported platforms in V2V migrations and download it here.