The result holds allowing several variables $z_1,\dots,z_n$, by using Artin approximation. (The method of proof below applies verbatim over non-archimedean fields of any characteristic, where "analytification" below may be taken in the naive sense over such fields or in the sense of rigid-analytic geometry. A variant on the argument, again using Artin approximation -- or rather its generalization proved by Popescu -- shows that if $R$ is any excellent normal local noetherian domain then its henselization $R^{\rm{h}}$ is the subring of elements of $\widehat{R}$ that satisfy a 1-variable polynomial equation over $R$ of positive degree;
recall that for any local noetherian ring $R$, $R^{\rm{h}}$ is local noetherian and the map $R \rightarrow R^{\rm{h}}$ induces an isomorphism between completions.)

To make a precise statement about convergent power series, let $\Phi \in \mathbf{C}[w,z_1,\dots,z_n]$ involve $w$, and let $P \in \mathbf{C}[\![z_1,\dots,z_n]\!]$ be a formal power series such that $P(0,\dots,0) = 0$ and $\Phi(P,z_1,\dots,z_n) = 0$. We claim that $P$ converges on a ball around $(0,\dots,0)$ with positive radius. Moreover, we claim that $P$ lies in the subring of $\mathbf{C}[\![z_1,\dots,z_n]\!]$ given by the henselization $R^{\rm{h}}$ of the algebraic local ring $R = \mathbf{C}[z_1,\dots,z_n]_{(z_1,\dots,z_n)}$.

Since $\widehat{R}$ is a domain and $\Phi \in R[w]$ has positive $w$-degree, the equation $\Phi = 0$ has at most finitely many solutions in $\widehat{R}$. Thus, there is an exponent $e > 0$ such that distinct solutions in $\widehat{R}$ are distinct modulo the $e$th power of the maximal ideal $\mathfrak{m}$ of $\widehat{R}$. By the Artin approximation theorem, for any $f \in \widehat{R}$ satisfying $\Phi(f,z_1,\dots,z_n)=0$ and any $m > 0$ there exists $f_m$ in the henselization $R^{\rm{h}}$ such that $\Phi(f_m,z_1,\dots,z_n)=0$ and $f_m \equiv f \bmod \mathfrak{m}^m$. Taking $m = e$, the solutions $f, f_e \in \widehat{R}$ to $\Phi=0$ must coincide! In other words, all solutions to $\Phi=0$ in $\widehat{R}$ lie in $R^{\rm{h}}$.

By construction, $R^{\rm{h}}$ is a direct limit of local-etale $R$-algebras, so there exists a local-etale map $R \rightarrow R'$ such that all solutions to $\Phi=0$ in $\widehat{R}$ lie in $R'$ (via the canonical isomorphism $\widehat{R} \rightarrow \widehat{R'}$ and the inclusion of $R'$ into its own completion). By definition of "local-etale", there is an etale map $h:V \rightarrow \mathbf{A}^n_{\mathbf{C}}$ and a point $v \in h^{-1}(0)$ such that $O_{V,v} = R'$ as $R$-algebras. (In particular, $V$ is smooth.) Since $h$ is etale, it follows from the Zariski local structure theorem for etale morphisms and the analytic inverse function theorem in several complex variables that the analytification $h^{\rm{an}}$ is a local isomorphism. In particular, $O_{V^{\rm{an}},v}$ is identified via $h^{\rm{an}}$-pullback with the local ring $O_{(\mathbf{A}^n_{\mathbf{C}})^{\rm{an}},0}$ of convergent power series in $z_1,\dots,z_n$ at the origin.

Passing to completions on this identification of analytic local rings, we recover the identification of $O_{V,v}^{\wedge} = \widehat{R'}$ with $\widehat{R}$ induced by $h$, so it follows that under the inclusion
$$R' = O_{V,v} \subset O_{V^{\rm{an}},v} = O_{(\mathbf{A}^n_{\mathbf{C}})^{\rm{an}},0}$$
the element of $R'$ that "is" $P$ (provided by Artin approximation) maps to a convergent power series near the origin that has Taylor expansion at the origin equal to $P$. Hence, $P$ has positive radius of convergence. QED

`$\partial \Phi(w,z)/\partial w|_{(0,0)} \neq 0$`

. In this case, it's pretty straightforward: By the complex implicit function theorem, there is a small neighborhood of $0$ where there is an analytic function $f$ obeying $f(0)=0$ and $\Phi(f(z), z)=0$. Since the coefficients of $P$ are determined by a unique recursion in this case, they are the same as the coefficients of $f$ and $P$ is convergent on this small neighborhood. – David Speyer Dec 13 '12 at 14:10