This is a quick follow up to my previous post.  In the comments, Jayson Knight said that Telligent had moved from Vault to Subversion some time ago so I ran with that.  I contacted a friend of mine that works there and got the skinny.  You have to take the Seinfeld approach.

"You should just do it like a Band-Aid. One motion, right off!"

No migration was performed.  All current projects stayed in Vault and all new ones used SVN.  If I were a company with a large amount of data I would take the Seinfeld approach as well.  However, I would like to remove Vault all together while keeping a backed up DB just for the extreme circumstance.

Since I'm talking about a small amount of data/projects I'm just going to migrate manually.  I'm going to check out the oldest version from Vault, add it to SVN, and tag it.  Repeat and rinse for each subsequent version of each project.  This isn't pretty but it'll do.

Giddy Up!