The tool lets you turn physical machines into virtual machines, VMware hosts into Hyper-V hosts or convert VMs so they can run in Azure.
Microsoft's replacement, Azure Recovery Services can also convert VMs to different formats, but of course does so with Azure as the target.
Microsoft offers 31 days free hosting for VMs in Azure Recovery, so the meter wont be ticking if you use the service for VM conversion.
Also damming is the one loophole Microsoft has left, as Microsoft Virtual Machine Manager SC 2012 R2 VMM will continue to support migrations from VMware vCenter deployments to Hyper-V.
Otherwise, off to Azure you go.
Microsoft's justification for the retirement is that it has decided to focus its VM-converting efforts on Azure, so if you want modern tools you'll need to get cloudy.