Inspired by Mihai's discussion of Google Bookmark's XML importing interface, I whipped up a quick bookmarklet for exporting one's bookmarks from del.icio.us to Google. The greatest benefit of this approach is piece of mind, as communication between del.icio.us and Google is entirely client-side. (Note that this has only been tested with Firefox.)
The steps:
https://secure.del.icio.us/settings/USERNAME/bookmarks/exportAlternatively, you can just click on settings->export/backup once logged into del.icio.us.