Bula,
There is talk of "streamlining" the FAA to JAA conversion. That may come in during 2006 or something. However, if you read the proposal very carefully very few people will benefit. It's not unlike those guys with 3000TT with +1500hours in command on +30 tonne a/c etc only having to do 2 exams. (in the UK).
From memory, the proposal was fine untill you wanted to add a multi pilot a/c to your licence. Then you basicly had to have done the 14 exams.
It's a great shortcut but benefits very few.
Have a look
here. "Billiebob" has a good handle on it.