Sysprep does basically two things: 1) change the machine identification (SID, name, registration key) and 2) allow you to place hardware drivers on the disk so they can be found when the system first boots.
The first part is completely unimportant for a true V2P where the resulting physical machine replaces the virtual machine. You want it to retain its identity, so none of that needs to change. For me, if I'm using my standard VM image to provision a physical machine, I just run "newsid" at some point (usually within Workstation right after the clone to physical disk). Since none of my images are domain members, and I have MS volume licensing, nothing complex about the identity needs to change.
The second part can be more problematic, but if you don't need a special storage driver (and you shouldn't with an IDE boot disk), then any other special drivers can easily be added after the first boot via CD or USB. If the network card is supported by default, then you can just download every other driver you might need. One thing sysprep can do is allow the HAL to be changed (including downgraded) in a Microsoft supported manner. But, if you use "ACPI Uniprocessor HAL" on your images, then all modern hardware is covered, since the upgrade to "ACPI Multiprocessor HAL" is automatically done by plug-and-play. For one old system, I did have to downgrade to "ACPI PC" manually, which is also supported by MS.
So, I never use sysprep, because it does far more than needs to be done most of the time, although the automation it provides with cloning machines using Enterprise Converter is kind of nice.