Long time member just recently back into 406 ownership! I bought a 2003 HDi 110 Estate back in June, in 'S' level trim. Very nice condition, 70k miles and FSH. The only thing was a squeak from the flywheel \ clutch area when engaging the clutch or pulling away and a "buzzy" vibration at about 2000rpm.
Took the plunge and decided to go for the Valeo solid flywheel conversion, which I fitted myself at the weekend. Not quite the horror of a job I first thought it'd be - Started at 9am and finished about 6pm! Dropped one side of the subframe to allow the gearbox to be dropped out, unbolted the old DMF and clutch assembly and replaced with the solid flywheel and bespoke friction plate and pressure plate.
The result? Well to me its no different to the DMF. The buzzy vibration at 2k rpm has gone, but its smooth and nice to use. Clutch pedal now a lot lighter too! Don't believe the horror stories that you read - I'm sure they are put out there by the DMF manufacturers to discourage SMF conversionb and maximise DMF sales

The old DMF was rogered - you could move it to the limits of its movement with finger pressure - To be honest I'm surprised the vibrations and noise were not a lot worse!
To summarise - It's definatly worth doing if your DMF is on the way out or you need a new clutch.
I've got some pics if anyones interested....