Here's a small how-to based on my experiences:
 
1)     Uninstall VM tools from your VM
 
2)     Shutdown the VM
 
If your VMs are based on SCSI drives (like mine were – because VMware  recommends SCSI) and the operating systems are Windows XP, 2003 or  earlier then you have to add the IDE driver to your VM before you shut  it down in VMware.
Otherwise you will end up with a converted VM that starts up in Hyper-V  with a blue screen of death (BSOD) and 0x0000007B – “Inaccessible Boot  Device” error. This is due to the fact that your converted VM will have  no Primary IDE Channel and Hyper-V will presume that your converted disk  is IDE type and located on the Primary IDE Channel.
Doing a Windows Repair Install can fix the 0x7B Inaccessible Boot Device  error – but it’s both time consuming and the result might not be good.  (Believe me – I had to redo a migration of a SharePoint installation  because a Windows Repair Install messed it up. Luckily I then came up  with the solution described below instead).
Please note that adding a temporary IDE disk to your VM is not necessary  with VMs running Windows Vista or Windows 2008 – they seem to detect  the Primary IDE Channel during initial boot phase.
 
3)     Add a new IDE disk drive to your VM: (any size will do)
 
Make sure that you select “Adapter: IDE 0 Device: 0” under “Virtual  Device Node” while creating the new disk (otherwise you might end up  with yet another SCSI disk)
 
4)     Boot up your virtual machine with both drives connected and check  that it detects your new IDE drive (along with a primary IDE channel  and a disk device driver). You should be able to see the new drive as  „not initialized” in Disk Management.
 
5)     Power off your virtual machine and remove the newly created IDE  disk from your VM (you can delete it from disk as well). Do not power on  your VMware Machine again!
 
6)     Now convert your VMDK file to VHD format using the newest  Vmdk2Vhd utility (currently version 1.0.13) that can be downloaded from 
vmToolkit.
 
7)     You can now uninstall VMware Server and install Hyper-V + current Windows Updates on your host server
 
8)     Create a new Virtual Machine in Hyper-V. Make sure you select  “Use an existing virtual hard disk” and select the VHD file that you  just created.
 
9)     Power it on, Install “Integration Services” and reboot when prompted:
  
10)     Assign the original IP address (es) to your new network card (s)
 
11)     Check device manager
 
12)     Do another reboot
 
13)     Check that all your applications and services are running
 
14)     Done!
 
Note: if you have Win2008 VM’s then it’s not necessary to add a  temporary IDE disk during migration but you might want to copy the  relevant KB949219 (
http://support.microsoft.com/kb/949219)  update package to your VM before converting it. Otherwise it will start  up with three warnings in the Device Manager for “Microsoft VMBus Video  Device”, “Microsoft VMBus HID Miniport” and “Microsoft VMBus Network  Adapter” - hence you will have no network access. I worked around it by  “burning” the KB949219 updates to an ISO file using “ISO recorder“ (
http://isorecorder.alexfeinman.com) and mounting the ISO file to my VM