So I have some bad news for you. It looks like the built-in converter plugin which was part of vCenter 4.x will be no more.
This is screen shot from the Beta
This I used for performing the import of VM's into the my Virtual Infrastructure right from the vSphere client as in the screenshot below.
But this is all going away.
I will still use the Standalone version (5.0 is in Public Beta) but this feature will be missed (at least by me).