A licensee on UDN brought up some issues with "Convert Selected Components to Blueprint Class". After investigating a bit, it seems there's been some regression compared to what could be done with "Replace with Composited Blueprint" up until 4.6
1. When an actor is parented to another and you make the Blueprint, the parent/child relationship is no longer maintained. Both are parented to the same root, causing the former child's placement to be changed
2. Converting used to maintain the names of the objects (pillar, etc), but now replaces the names with StaticMeshComponent01, etc.
*Incidentally, we both had trouble finding the option at all since it was moved to the Blueprints button. Right-click menu maybe?
There's no existing public thread on this issue, so head over toAnswerHub just mention UE-15584 in the post.