Converting would be nice to have, but you can only convert between the simple node types like page and story... Most others have additional information, which has to be filled in or is lost upon conversion. Imagine converting an image to an event ;)
I think that's why the module was not updated after it was released... it had some significant limitations. However, it might be worthwhile to revive for use in mass conversions... another item for my "to-do" list, I guess.
What most of those wishing this feature miss is the conversion of a comment and all its replies to a forum/story, etc. node. That is a simple text container to another simple text container, but cropping out part of a comment tree, and making the first comment a node. This does not involve complex node types, since the starting point is a text container and the resulting node is also a simple one. Goba