One step to remember when doing your P2V process, if able, be sure to run your favorite disk alignment software.
While 2008 servers (and hopefully newer) do not suffer from the alignment issue of a blindly formatted disk 2003 does, and if you are preforming P2V’s one step that can be easily overlooked is a post re-align. While this will cause overhead in P2V process it could give the system the performance boost that will allow your virtualization project a success.