http://answers.nuxeo.com/questions/8408/virtualbox-does-not-import-nuxeo-592 says that it's working in 4.2.
At least in 4.3, here's the garbage I'm getting:
Peters-MacBook-Pro:packer peter$ VBoxManage import ubuntu-12.04-server-cloudimg-amd64.ovf --vsys 0 --unit 11 --disk /tmp/foo/test.[5/2597]
0%...10%...20%...30%...40%...50%...60%...70%...80%...90%...100%
Interpreting /Users/peter/work/packer/ubuntu-12.04-server-cloudimg-amd64.ovf...
OK.
Disks: vmdisk1 2361393152 -1 http://wiki.qemu.org/download/qcow2-spec.html ubuntu-12.04-server-cloudimg-amd64-disk1.img 12
60768256 -1
Virtual system 0:
0: Suggested OS type: "Ubuntu"
(change with "--vsys 0 --ostype <type>"; use "list ostypes" to list all possible values)
1: Suggested VM name "vm"
(change with "--vsys 0 --vmname <name>")
2: Product (ignored): Ubuntu 12.04 LTS (Precise Pangolin) Server
3: Description "This is Ubuntu Server."
(change with "--vsys 0 --description <desc>")
4: Number of CPUs: 1
(change with "--vsys 0 --cpus <n>")
5: Guest memory: 256 MB
(change with "--vsys 0 --memory <MB>")
6: USB controller
(disable with "--vsys 0 --unit 6 --ignore")
7: Network adapter: orig bridged, config 3, extra type=bridged
8: CD-ROM
(disable with "--vsys 0 --unit 8 --ignore")
9: SCSI controller, type LsiLogic
(change with "--vsys 0 --unit 9 --scsitype {BusLogic|LsiLogic}";
disable with "--vsys 0 --unit 9 --ignore")
10: IDE controller, type PIIX4
(disable with "--vsys 0 --unit 10 --ignore")
11: Hard disk image: source image=ubuntu-12.04-server-cloudimg-amd64-disk1.img, target path=/tmp/foo/test.vmdk, controller=9;channel=0
0%...
Progress state: VBOX_E_NOT_SUPPORTED
VBoxManage: error: Appliance import failed
VBoxManage: error: Could not find a valid medium format for the source disk 'ubuntu-12.04-server-cloudimg-amd64-disk1.img' Check correctness of the image format URL in the OVF description file.
VBoxManage: error: Details: code VBOX_E_NOT_SUPPORTED (0x80bb0009), component Appliance, interface IAppliance
VBoxManage: error: Context: "int handleImportAppliance(HandlerArg*)" at line 779 of file VBoxManageAppliance.cpp
Peters-MacBook-Pro:packer peter$ VBoxManage --version
4.3.10r93012