I did this about a month ago (4 years worth of LOs!) and so far I haven't found any reason. The only reason I have heard is that many many years down the road, the new program may not be able to read them. But I just don't see this happening in any amount of time I'll be worried about it. Plus if we keep our old program, we'll be able to undo it too.
But the space saved is enormous!! I don't know if you remember but I was complaining last month about my 320 gig internal HD being full, well I changed all my old LOs to TIFF (I've been doing TIFFs for the last year so it was only my OLD LOs) and OMG it saved me 45 GIGS!!!! Then when I actually went through and deleted my old RAW files (that I had formatted to jpeg and scrapped), I am now 103 GIGS free!!!
Do it!
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