Hadi Hariri (of IntraWeb fame) did a talk at the recent Microsoft TechEd in Barcelona discussing if, how, when, and how to convert Delphi Win32 project and where to go for .NET development. Tim Anderson wrote an account. Hadi posted quite a different story. There was debate on newsgroups, and other blog posts.

I think the question of whether to move to .NET, which type of programs, and which .NET user interface (WinForms, WPF) is open, so I don't have much more to add... although I certainly put more value on the VCL.NET project that most others do.