an em is a function of your current font size
% is a function of your current window size
due to these consideration the conversion factor from px to em or % is not set and can change
even working with "standard ems" different browsers ship with different default fonts, and macs and pcs have different default fonts
that being said, the conversion is often around 16px to 1em..... but this is user, browser, and computer dependent
here's a neat calculator, but again it's not really that useful
http://riddle.pl/emcalc/
conversion is very tricky if you have an pictures involved..... ideally you want to set the width of your pictures in ems so that they expand and contract w/ the text, but this is often not practical or ideal
garrett's page (that he showed in this thread) is a very nice example
http://files.xhtmlthis.com/xhtmlthis/
the page expands very nicely with the font size
however even this page gets all screwed up if you REDUCE the font size.... since the xhtmlthis logo doesn't shrink with the font, it ends up overlapping everything
to put it succinctly, making fluid layouts is hard, and you'll end up compromising.... but just think in terms of ratios