Hey 747Driver,
Sounds like you are getting screwed if the rules state the following:
ICAO ATPL >>> JAA ATPL (experience >3000 hrs on aeroplanes over 30t MTOW, including >1500 PIC hrs on these)
If you hold a non-JAA ATPL license and have 3000 hours on multi-pilot certified aeroplanes (PIC or co-pilot) with maximum takeoff weight of 30.000 kg or more and have at least 1500 hours as PIC (Captain) on these aircraft you qualify for the exemption in the widest scope. Your experience will be evaluated on individual basis and conversion requirements will be setup for you by the Civil Aviation Authority of the state where you intend to do the flying.
I too am converting my FAA certificates to JAA. Not enough time get around the 14 exams, and they are a bitch and idiotic. Although, the FAA has the same procedure. If someone wants to convert a JAA to FAA certificate they have to go through all the FAA crap too. The only reciprocity is at the private pilot level (here the FAA suffices with limited paperwork while the JAA want approximately 1,000 USD depending on the country). My point is that both legislative organisations require the same thing, "if you want our certificates you have to go through the same level of training as other candidates." I might even be able to stretch it and say that the JAA has at least a structure in place for high experienced pilots, while the FAA does not as far as I can tell.
However, the JAA does appear to want to create an aura of exclusivity and make it damn tough to go through the training. I was told that the JAA wants to have some respect and want to make the training equivalent to two years of college. Remember, many pilots in the EU do not take a univeristy degree at the same or on the side; some do but it is not often a requirement to have a degree as in the US.
Good luck with the exams. Once you get past those the toughest part is over.