It seems to me reading the material that Conversion is very limited and is only a third country's PPL/CPL/ATPL -> PPL !! The is no conversion route for IR/CPL or ATPL, which begs the question of what a 10,000 hour ATPL does if he wants a job with an EU domicile airline or operator !! On the basis of these regulations he goes back to square one, which seems quite absurd, though I guess that is what an EU ATPL would have to do if he went to work in the US.
Nothing though in the document seems to affect the principle that FAA licence in N reg aircraft = perfectly legal, irrespective of residence, unless a regulation says differently, which at the moment it does not. I wonder though how many FAA IRs will be rushing to do the exams and 15 hours just in case ...
On a separate issue, how will anyone acquire the new aerobatic rating? To get one you have to be instructed by an FI or CRI who holds the rating. Since it is a new EASA rating no-one currently holds one so there is no one to instruct for the rating!!!
