I have converted a Linux RHEl 5 Server form P2V. At 97% the configuration didn't properly reconfiguring of the root and other disks or volumes. The RHEL 5 Server boots up fine but cannot find the volume structure. Please see attachment for further details. I am not a Linux Guru by the way. We really need to get this in to production if wwe can fix this issue.
THANKS IN ADVANCE
At 97% convertion process may result your p2v VM left without inital ramdisk (initrd). From my previous Linux p2v experienced, I noticed, Linux p2v conversion should at least do:
Installing Grub Boot Loader
patching mount point in fstab
Creating initial ramdisk
Completed reconfiguration of virtual machine.
I'm sure your conversion successfully installed grub and patching mount point for fstab since you able to boot & have new fstab entries for the VM but I doubt for creating initial ramdisk stage. You could try to boot up your VM with redhat CD (rescue mode) and creating new initrd.
BTW, Converter standalone 4 will not preserve any LVM volume structure AFAIK.