Charles and Miles Nut,
the hassle and delays w/VacationMiles start even before the conversion stage. When I cashed in my first 5000 Mypoints, a window popped up stating that I should receive the VacationMiles certificate within 1 to 2 weeks.
Ha! that was the end of October, and yesterday, after a couple of inquiries about the whereabouts of my certs, I got Mypoints' replay: it takes 4 to 6 weeks for the certs to be mailed (I don't know if it's 4 to 6 weeks in addition to the time I've already waited...). Other people on this board have complained of having to call several times and wait two months before receiving the certs. Also, from other people's reports, once you have the certificates, it may take 2-3 weeks for VacationMiles to be posted to your AAdvantage account.
Good luck to all of us, I guess...