You may run into the problem that a P2V conversion to a machine with an IBM SAN using an older version of SDDDSM fails. SDDDSM is the IBM MPIO Device Specific Module.
I have also seen this with SCVMM 2007 on Windows Server 2003 with Virtual Server 2005
Now, I had a similar issue with SCVMM 2008 on Windows Server 2008 with Hyper-V
VMM failed to mount VHD file \\?\<SomeVolumeGuid\vhd> on the <hostname> server. A timeout occurred.
(Internal error code: 0x80990C1D)
Check Device Manager/System Devices to make sure that Microsoft Virtual Server Storage Bus is installed and functional. If it is not, install VHDMount component of Virtual Server. Restart Virtual Disk Service, and then try the operation again.
This problem is fixed in SDDDSM version 188.8.131.52 and greater.
Defects fixed in 2.4.0.x
4336 Unmounting Virtual Devices in Microsoft virtual Server Fails.
After updating to a recent SDDDSM Version, P2V worked as expected.