Converting at about 700KBps.
The machine is a Xeon E5506 server, with 4GB RAM. Not sure internal RAID configuration of the disks but the size of the disks are about 850 GB.
I had talked with VMware support and they had me run convert to workstation format to locally attached USB and to a network share. The USB conversion was happening around 20MB/s and the network share was 50MB/s.