Yes - it is a small application that can be run on either the current 11.5 server (where the content is located) or the 12.0 server (with content copied onto the server). The migration tool essentially copies content from the file system into the 12.0 Netweaver database, and has several configurable options for the type of content to be migrated.
If you have access to the Ramp-Up knowledge transfer information you can find an eBook (narrated PPT) that discusses the migration tool and its features.
Just be aware that there are some substantial migration bugs in the version 12.0 beta release(s). You will have to perform a lot of manual checking/verification/testing of your application after it migrates. My results were not that smooth.
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