Convert your VMware, Virtual Server/PC images to Parallels using the Parallels Transporter

I've been a long time user of VMware, on the mac I believe Parallels coherence mode gives it a leg up on VMware, so I prefer it on the Mac. However most of my virtual machines are in VMware format. I googled up various solutions which included using Qemu to convert them into raw format, using some commercial tool and so on. But Parallels itself offers a solution which does not seem to be well documented.
I found it here.
1. Open Parallels Transporter in the Parallels directory
2. Choose Express, Whole virtual computer and point it at your vmware file
3. When it is done - check your disk space (it defaults the outputted files into your /application/parallels/ directory)
4. Open the new image with Parallels, ignore Windows errors and force install the Parallel Tools
5. Done - enjoy your images in Parallels