When ARR went live, I'm pretty sure "Legacy" accounts kept their job/craft levels from the ARR beta since I saw the same lv50s running around w/in a few hours of the servers going live as I did during the Beta. I was one of the people who played during the beta, so I got to login a bit early too (though I had to start new chars from scratch since I wasn't a Legacy player.) I know for sure they kept their inventory as well since there was a lot of fuss about the earring that was the reward from the end of 1.0 being downgraded stat-wise into a "trophy" piece.
By "convert", I mean "scan the account and reformat all existing data that has a new format". Every flag currently on your character, any/all gear/items that you currently have, and any quests/missions completed could be transferrable so long as the corresponding thing in-game still exists.
“That is not dead which can eternal lie, And with strange aeons even death may die.”
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