I am setting up a VM with a brand new install of TFS 2012 using the RC just released. This is the first time we have tried to use TFS in my company and I need to upgrade some SourceSafe databases. I've also installed the RC for Visual Studio 2012 Ultimate Edition (everything but the MFC foundation classes) but I still can't find the VSSConverter.exe tool.
According to Google it's supposed to be in the Common7\Ide folder, but is nowhere to be seen. Admittedly the only internet links I can find at the moment are for VS2010 so they may be out of date, but I have scanned the entire C drive and still can't find VSSConverter.exe
ps. I know there is a "download and install VSS converter" link in the TFS Admin Console but that just takes me to the Microsoft home page! : http://www.microsoft.com/en-us/default.aspx
VSSConverter is moving away from being a standalone tool and - as you noted - moving to be a part of the TFS Admin Console.
Unfortunately, the VSS -> TFS conversion experience did not ship as part of the TFS 2012 RC. It will instead be included in the released TFS 2012.
In the meantime, the VSSConverter that was included as part of TFS 2010 will properly migrate to a TFS 2012 instance. You will, however, need to install a 2010 instance just to run the tool.
If you do not require the full history, you could simply check-out your VSS databases and then check them into TFS. Another alternative is to install TFS 2010 and use VSSConverter to that database, then perform an in-place upgrade to TFS 2012.