On April 14th 2001, the State Deparment issued their regulations regarding the new K & V Visa's.
check out the federal registry at http://www.access.gpo.gov/su_docs/fedreg/frcont01.html
They stated:
"Therefore, once admitted as a V or K nonimmigrant, the alien generally will be permitted to remain in the United States with his or her family until the visa petition is approved or denied. Then, if the petition is
approved, the alien may continue to remain until the application for adjustment of status is approved or denied, **or may depart to seek the issuance of an immigrant visa at the appropriate consular office abroad. "

Also the INS had posted an information letter on their website at http://www.ins.usdoj.gov/graphics/pu...life081401.htm
which also states:

Applying for Immigrant Status
The K-3/4 nonimmigrant classification does not provide immigrant status. To obtain immigrant status --once in the United States -- a K-3 nonimmigrant must file a Form I-485 (Application for Adjustment to Permanent Residence). A K-4 nonimmigrant must have a Form I-130 filed on his/her behalf by his/her U.S. citizen parent/stepparent and must file a Form I-485. K-3/4 nonimmigrants will become lawful permanent residents and receive their Green Card when both the Form I-130 petition and their Form I-485 application have been approved.

**K-3/4 non-immigrants may elect to apply for an immigrant visa instead of adjustment of status and may wait in the United States until they must appear at the consulate for their visa interview.

Gina