Wow!!
I was a little skeptical paying $28.99 for an application that personally I feel should be an included function of Mail. Regardless, this program worked as described. It took almost 3 hours to get my Outlook files exported from my PC, it took a mere 3-5 minutes to convert the file using PST Converter Pro. Once converted, importing the necessary files into Mail took another 10-15 minutes. It was incrediably fast and as far as I tell, my folders and emails are all there, in the same places they were before. This is a must have for anyone trying to convert from MS Outlook to Mac Mail.
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PST Converter Pro - AppEd