So if I do nothing now, I will save £181, but will I put myself at a disadvantage for later on?
I can point you at two pages of the CAA's
expected effects to read for yourself, but of course that is the CAA's current understanding. Page 6 of the PDF says that the conversion of non-JAR UK licences CAN start from July 1st 2012 (meaning to an EASA licence).
In the same document, pages 19 and 20 tell you what they expect you to do to get an EASA PPL from a UK Non-JAR PPL (last line of table, bottom of page 20 is the PPL), which is that you need 70 hours total time and 'demonstrate use of radio aids' - just like getting a JAA-PPL from a UK non-JAA PPL today.
Also if you look back at the top of that table on page 19, you will see you must have the English Proficiency, and demonstrate a knowledge of FCL and OPS, and of course elsewhere you'll find you have to have the correct medical current at the time.
This 'demonstrate FCL and OPS' may well be a link to both main documents and you signing to say you have read/understood them, but we'll see.... that was certainly how they got people to say they understood JAR-FCL, if you look at today's form (1104) to get a UK CAA PPL to UK JAA PPL today, section 7 of the form says:
"I certify that I have studied the relevant parts of the JAA Requirements (PPL(A) – see AMC FCL 1.125, PPL(H) see AMC FCL 2.125) and
have assimilated the knowledge required for the issue of a JAR-FCL PPL.
Signature ........................."
I would hope the EASA form will be similar with different references.