The point is that the possibility to convert shouldn't compete with JAR schools which is one of the reasons why they have those hour requirements. You will probably be able to convert as before but note that the new conversion proposal states type rating skill test (in accordance with 1.240) instead of a practical test as of today.
Note that you still need to do the JAR groundschool for an IR and if you want ATPL theoretical knowledge and don't have an FAA ATP with 1500 multi pilot hours... you still need to do the 14 exams! At least that's my interpretation..