But what about ValueConverters?

Chris mentions just using ValueConverters to adapt the Model to the View instead of this complex Model/View/ViewModel stuff.  I should have made it clear, the ViewModel contains ValueConverters.  If you can implement you UI using a set of ValueConverters alone, then that set of ValueConverters is your ViewModel.  But ValueConverters should not contain state, so if you have view state you'll need to push it either into the View, the Model or put it somewhere else.  We call that someplace else another part of the ViewModel...or as I mention in my last post, you can sub-divide that further.