Any advise is to what I should watch out for before P2V?
Any planning or verifications?
which logs does it get logged to when it is converting?
You have two options neither P2V them while online or offline using P2V boot disk. Neither ways, you should take care of zombies devices and make sure the ACPI are set to correct neither uniprocessor or multi processor and that effect your performance. Do not overallocate your vCPU if you dont' need them always start with 1vCPU and 1024MB and increase as you go. You will be surprise if you failed at 95% completion status and there are different levels of troubleshooting involved. P2V a Linux server has different procedures so check them out if you're working with Linux. The instructions above should help you all the way.
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VMware vExpert 2009
iGeek Systems Inc.
VMware, Citrix, Microsoft Consultant