I recently have been working on importing a Win2K Server machine using the latest version of VM Importer. I used Ghost 8 to take the image and to restore into a VMWare Server VM using an LSILogic SCSI adapter and SCSI disk. I used the "Adapt an existing virtual machine" which completed without errors, but found that the resulting VM would not boot and would get stuck at a black screen.
Through quite a bit of trial and error I discovered that there was no MBR on the resulting virtual disk, and thus it would not boot. Not sure if this is something that VM Importer was designed to take care of, but it sure would be nice for a seamless import process.
For anybody else that runs into this problem, to resolve it I used MBRFix , which one of my engineers added to the Bart's PE disk that we use.