It doesn't, it just makes the possibility of both possible and not just the caster's remaining hp. Main reason why I stated the spell's description above since the way of thought here seems like it can only be the caster's hp.
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Let's wait a week and figure it out when it's release.
Freeze lowers your enmity so depending on how potent that enmity loss is you could possibly nuke to your heart's content, especially if it's something as drastic as a complete Enmity wipe and you use it late in a fight. Something like that would warrant a long recast, IMO.
I see it being something close to Chameleon since BLM won't be able to use it. However more potency would be nice for the CD since Chameleon only brings you down by a threat level on average. Especially since convert should be increasing the dps of a smart black mage in the entirety of the fight since more spells will be able to be used. However I can see it also bringing down dps of people that convert and die right after >.>
I think Burst and Flare need to be drastically improved.
Burst I have used at very low hp compared to the boss, hp below 300. I managed to use Burst. The boss was around 75% and a tad less. Comboed Burst with excruiate and the damage was like 1900. While Thundara does 1500-1600 with Excruiate.
Flare... it's self aoe. That alone needs to be fixed. Either by making it a ranged attack or making it instant with a slightly larger cool down. Also should be used as a combo to make it not have a DoT effect. The closer you are to an enemy the more damage? Why!?