I just picked up a Hoya R72 infrared filter, and I'm having a lot of fun experimenting with it. I'm in love with the false color style that can be added. So now I'm contemplating converting my DSLR to a dedicated infrared camera. I own a Nikon D40, which apparently has a reputation for being a decent unmodified infrared camera (when using a IR filter).
I've put my own list of conclusions and considerations in the answers section. Please post an alternative answer if any of my assumptions are wrong. I'm also interested in what other differences (if any) I would see in my photos if I did the IR conversion. What else am I missing/overlooking?