I have been flying with a certificate issued under 61.75 for about 10 years and can concur that only the underlying licence should be valid as described (i.e not revoked, suspended or expired), the class rating privileges etc are taken care of by the US regulations (i.e. flight review).
One possible issue is that the US requirement for instructor endorsements such as 'high performance' or 'tailwheel' should be as described in the FARs. Unless you meet the grandfather rights that are enshrined in the rules, then you will need the endorsement of a CFI before flying PIC irrespective of your prior experience. It may seem odd that 1000 hours of tailwheel flying may not qualify you, but those are the rules.
It's also worth noting that the CAA will only issue the validation to the FAA if your rating and medical are valid at the time. My one minor issue with the 61.75 was having to go through the process again when JAR changed to EASA and the licence number changed. I needed to revalidate in the UK to get the CAA to do a new validation. The FAA don't care about your foreign medical and rating so long as you meet their requirements.