Microsoft's Windows Server 2003 Print Migrator 3.1 has now been rolled into the operating system with Windows Vista and Longhorn Server in the form of the Printer Migration Wizard. This new version is very simplified and comes as a UI, as you can see in the screenshot below, and a command line version.
To run the Printer Migration tool, from an elevated command prompt run PRINTBRMUI.EXE for the GUI version or PRINTBRM.EXE for the command line version. PRINTBRM.EXE does not appear to be included in Windows Vista or Longhorn Server yet. I've not had a chance to check out the latest Longhorn Server CTP but one would assume that it will be there before RTM.
Microsoft, Windows Vista, Windows Longhorn Server, Print Migrator Utility