VMWare just released the
beta of VMWare 5.5, which is capable of opening and directly working with Virtual PC images. Very cool! Now that Microsoft has taken to releasing pre-installed VPC images for various products, I was considering installing VPC just to be able to use them. Now I won't need to. Of course, VMWare has had a converter tool for a while, but directly working with VPC images without converting them is much nicer.
It looks like you can't directly change the native VPC image - changes are accumulated in a separate VMWare-specific file. But I think I can live with that limitation. For now, anyway. ;)