I've done a trial run of a kdelibs git conversion and published it here:
http://gitweb.kde.org/scratch/ianmonroe/kdelibs-test.git
It should have a fairly comprehensive history thanks to Torgny Nyblom
trackModule.pl script. Feedback appreciated.

The plan is do the git conversion at the same time kdepim does, on Dec 20th.

One question is whether we want to have a separate 'history' repo,
like what Amarok has. It is used to store inactive branches. The size
savings for the main repo probably isn't much, but it does clean up
the 'git branch -a' list. Another issue is what the Kate folks are
planning, though I don't believe it should affect the git conversion.

Thanks,
Ian Monroe