If there wasn't the ATPL exams (or whatever - we've been through this before, may as well do at least the CPL exams), the Class 1 audiogram, and not the mandatory 15 hour conversion but a flight test and training as required, then I'd convert my FAA IR to a JAA one.
I don't see what purpose the 15 hour "conversion" course serves, other than to milk people for money. If someone is not good enough, they won't pass the IR test, simple! If they are good enough, they will pass wwith flying colours. Why can't the examiners decide?
Realistically I would do some sort of conversion - but I'd do this at my own pace, and probably not with a JAR approved FTO. I have friends in aviation who would help me out.....But it seems like it is "jobs for the boys"...
Offer that, and it may apease a lot of folk