I'm wondering: if it is still called the "vcenter converter" than ...how is it "stand alone" also?
Interesting question. That's probably something you need to ask the marketing guys.
Is there anything else signifigant that I should be aware of?
Not really, except it does not integrate in the vCenter Server GUI as a plugin anymore.
IMO the main reasons to provide the Converter this way are to have only one version and to be able to relase updates more frequently without the need to wait for an updated vCenter Serer version.
André