i agree that this is a serious issue, i got it working on a freshly installed Win7 system.
Let me try to explain what we were trying to do:
i took 1 server where I installed VMware converter Standalone.
From this server/software I was trying to convert offline VM's from an ESXi 4.0.0 host to a new ESXi 5.1.0 host.
It worked for several VM's but some of them (roughly 50%) made the server with the Standalone software crash with a BSOD.
I tried to use an other server (with different OS and different hardware) for installing the Converter SA software.
When trying to convert a VM's the server also crashed with a BSOD.
My last attempt was to use a Win7 client, installed the Converter SA software.
and somehow it DID work, the conversion was succesful w/o a BSOD.
Do you want me to test anything so we can figure out what was causing this BSOD?