1. Goto http://www.outlookfreeware.com   and register for an account
2. Download the Outlook Freeware Plugin Setup File
3. Install the Outlook Freeware Plugin
4. Look under Import/Export for "Import Messages from EML Format"
5. Download & Install the Rule
6. Close & Open Outlook
7. On the OutlookFreeware.com Tab Click the "Import Messages from EML Format" button
8. Point the Import Dialogue to the folder with the EML Files
9. Point the Import Dialogue to the Target folder in Outlook
10. Click OK.

The Beauty is it works, its free and it supports PST as well as MAPI natively using Outlook Capabilities while preserving the message headers, dates, etc.