I've installed the following successfully, and documented it. There are some gotchas, so I have screenshots to help. It can be done!
The major gotchas are with the ODBC Driver nightmare.
Microsoft Server 2008 R2 x64
Microsoft SQL 2008 R2 x64
VMware vCenter 4.1
VMware vCenter Update Manager 4.1
VMware vCenter Converter 4.2
The installation of the non R2 version of SQL 2008 is slightly different. I've done both but I only documented the R2 installation because that install is the one that required the launching of odbcad32.exe from different locations. The key difference is the path from which you launch the odbcad32.exe file:
C:\Windows\System32\odbcad32.exe
C:\Windows\SysWOW64\odbcad32.exe
Basically, on the non-R2 SQL 2008 install - if you configure the Data Sources (ODBC) System DSN using the \System32\ path and it does not show up under the installatoion of vCenter/Update Manager - cancel the installation and recreate the ODBC System DSN using the odbcad32.exe file located in the \SysWOW64\ directory and rerun the install.
Once you have the underlying Database infrastructure in place you can run the Data Migration Tool
I hope this helps!
Joel Helgeson