If you have at least a couple of Visual Studio setup projects that you need to support and develop further, this tool is definitely worth trying.
Apart from bug fixes (many thanks to our beta testers Scott, David, Alexey and Stefan!) the release version adds support for web setup projects. And now I can proudly state that our Converter supports all features of Visual Studio and WiX setup projects, all project types (exe, msi, msm, web setups) and built-in dialogs, all variables and searches, files and registry entries, resources and prerequisites. Visual Studio 2012, 2010, 2008 and 2005 are all supported.
Please note that we are not experts in the web installation area, though we did our best and tested all installation scenarios of simple ASP.NET web applications with several aspx and html pages containing plain C# and VB.NET code and java scripts. I am sure that real web applications are much bigger and more complex than our test ones, and we are keen to give our product the real field test with some huge and intricate web setup project :) Web developers, you are welcome!