This is more complicated than it first appears because in fact the two formats are different. At a minimum .gitslave supports flag arguments. However, that isn't to say the idea is bad since if you are not using flags it may be close enough. At a minimum an import tool could be used, and the current format probably has some quoting problem if someone were to include a directory name/url with a " or line feed or similar nasty character.
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This is more complicated than it first appears because in fact the two formats are different. At a minimum .gitslave supports flag arguments. However, that isn't to say the idea is bad since if you are not using flags it may be close enough. At a minimum an import tool could be used, and the current format probably has some quoting problem if someone were to include a directory name/url with a " or line feed or similar nasty character.
Note that flags can be easily added to .gitmodules:
git config -f .gitmodules submodule.<modulename>.gitslave_flags ifpresent