I have built latest virt-p2v and virt-v2v packages for Fedora 14, 15, 16 and Rawhide. These are highly experimental and may not work, but please help us to try them out.
virt-p2v Rawhide
virt-p2v F16
virt-p2v F15
virt-p2v F14
virt-v2v Rawhide
virt-v2v F16
virt-v2v F15
virt-v2v F14
For virt-p2v you have to run virt-p2v-image-builder. For more details see the virt-p2v and virt-v2v home page.
If you find problems, join us on #libguestfs on FreeNode, or post to the virt-tools mailing list.

So, I have an image extracted from a Xenserver 5.5 export using xenmigrate.py tool. What can virt-v2v do for me? May be blind or dumb or both but I do not see a way to use it. Thoughts?
Check out the virt-v2v web pages for ways to get help.