Appreciate the reply but it's still not clear to me whether the estimated time for completion should be based off the total disk capacity or total size of data on source server. That's the most important thing here.
Page 22 of the user guide says that choosing thick as destination type copies the entire source disk size to the destination, regardless of its used and free space and that for destinations that support thin provisioning through GUI, creates an expanding disk on the destination. For example, if the source disk size is 10GB, but only 3GB is used, the created destination disk is 3GB but can expand to 10GB.
So should my estimate for P2V completion be based on the total disk capacity (500GB) or the total used space (140GB) on the source server when using thin provisioning as destination disk type??