Pace,
the most exciting part is conversion of 3rd country IRs to EASA. As most PPL IRs are based around N reg it would appear sensible to put something in place which is attractive making the need to fly N reg in Europe less attractive.
The conversion is only part of it, arguably an important one, but the far more significant part is the proposed new IR rating for PPL's which is supposed to get a much reduced and changed theoretical part, similar to the French national IR, which in turn was inspired by the FAA IR. So the idea behind it is to get people to do their training in Europe in the first place rather than going abroad and then converting.
We have to see Whether this runs the course or whether negative influences in Europe put a spanner in the works and damage it.
I am very pessimistic on that issue after seeing that there are even FTO's here (who would profit massively from a realistic IR) who are against it as they feel they can make more money with the 7 subject current test
Equally, there is a VERY strong lobby against having more "insects" flying IFR in Europe from ATC, who wish GA to go away and not possibly to "intrude" into "their" airspace!!
This has to happen as GA in Europe is dying through over regulation and high costs a point the training industry lobbying against these changes fail to see!
They have two vital issues in their argumentation, both of which will eventually kill them. A) The training industry is NOT interested in PPL and PPL/IR students but focus almost 100% on future Multi Crew "Pay to Fly" airline pilots. B) Those who still have a few PPL/IR candidates going, want to milk the few they have, not seeing that they would get a lot more if regulations were changed to encourage much more people to go for the IR.
GA dying is just what a lot of regulators and also some ATC exponents hope for. For them, GA is just a disturbing influence. Not to speak of lots of politicians who have made GA their pet hate as they feel fighting it will bring them votes while offending a negligable quantity of voters.
I never wished so much that I am wrong, but fear that developments will prove me right... Personally, for me the decision on the IR will be the stop or go decision whether to continue flying or to hang it all up. Flying without an IR in Europe is nonsense and a waste of time if you want to do any travelling.