I had the same problem, so I played around with the tool for a bit. I can only speak for the offline (CD boot) version of the tool, but I found the biggest difference was to not directly clone the disks, but to resize them. Even resizing by 1GB makes a world of difference - from the performance graphs, it looks like when you tell Converter that you want to resize, some of the work is offloaded to the Host and there's less data that doesn't actually contain anything sent over the wire.
A few examples (these are all averages of two separate tests, both source and VMware Host were on the same dedicated Gbit Cu switch)...
Converting a machine with two disks (C: 33.89GB total, 7.52GB used and D: 683.51GB total, 282.35GB used) took the following:
4:53:26 to do a direct clone, and 4:05:21 when resizing the disks down by 1GB each (and I kept the hibernation/page file).
That's almost an hour chopped off. If you have less data on the disk, the results are even more dramatic. Converting a machine with two disks (C: 33.89GB total, 5.43GB used and D: 683.51GB total, 25.7GB used) took the following:
4:47:58 to do a direct clone, and 0:24:05 when resizing the disks down by 1GB each (and again, kept the hibernation/page files).
I was kind of gobsmacked to see the difference there, but even when resizing UP, it's still faster than a direct clone.
So... if you have the opportunity and the disks you're migrating from aren't completely full, try resizing - it may help.
Good luck!