I started today with some P2V migrations to a vSphere 4.1 environment, after finished the P2V wizard in VMware Converter Standalone the migration started, but… received after 1% completion the following error:
FAILED: MethodFault.summary

Solution:
I used VMware Converter version 4.0.1 build-161434, VMware KB is telling me to upgrade to VMware Converter version 4.3, tried again.. with success

Vmware released a new vCenter Converter Standalone version which is now fully compatible with vSphere 4.1.
What’s New
The VMware vCenter Converter Standalone 4.3 includes the following new functionality:
- Support for VMware vSphere 4.1 as source and destination targets
- Support for importing powered-off Microsoft Hyper-V R1 and Hyper-V R2 virtual machines
- Public API and sample code for submitting and monitoring Converter jobs
- Support for importing Windows 7 and Windows 2008 R2 sources
- Ability to throttle the data transfer from source to destination based on network bandwidth or CPU
- IPv6 support
Discontinued Support
- Support of the following operating systems is discontinued:
- Support for OVF format is discontinued
- Support for VCB image sources is discontinued
- Linux installation support is discontinued

Check out the release notes after the jump and download it here