I just finished a physical to virtual NetWare cluster migration with about 600 connections.(monitor.nlm status) and I happy to share some information:

It's a 2 nodes cluster with dhcp, dns, nss pool and iprint resources.
Latest versions are installed ( nw65sp8+post sp)
Hosts are 2 vmware 4 servers in 2 different locations with iPstore SAN connection.
The migration steps were :
1) setup of a test (different tree) virtual cluster and benchmark tests to check feasibility. ( the tests looks good and we decided to migrate)
2) setup of the new virtual cluster in the production tree. Data pools are using raw disks.
3) create and activate new ressources for dhcp, dns and iprint using the original eDirectory services objects and configuration. (disabled old resources)
4) create new nss pool and volume for the data ressources (pre-production).
5) restore the productions data to the new cluster volumes (different resource name and ip address)
6) Synchronize the data with the Novell migration wizard during the week-end. ( 500 GB data)
7) delete the production cluster volume resource object (be careful , we lose the home directory ref. here ) and the pre-production cluster volume resource object as well.
8) create new cluster volume resource with same name and ipaddress and re-assign home directory with any means ( massuser tools or restore nds objects).

That's done. For the moment the performances are similar as the users did not noticed the change.

Final migration was done during a long week-end this month, I will update this threads if there is any interesting news.