Since Enum Type implements IConvertible interface, a better implementation should be something like this:

public T GetEnumFromString<T>(string value) where T : struct, IConvertible
{
   if (!typeof(T).IsEnum) 
   {
      throw new ArgumentException("T must be an enumerated type");
   }

   //...
}

This will still permit passing of value types implementing IConvertible. The chances are rare though.