I have DV Atlantis for PAL to NTSC conversion. Works OK www.dvfilm.com just released DV Atlantis which transfers NTSC to PAL. Did not see how it actually makes transfer but why dont you check it out yourself. You know, making transfer from NTSC to PAL always means "not very good" look because NTSC has 20 % less resoutiion than PAL.
When I make transfer from my PAL footage to NTSC I still get almost the same quality if I was shooting with NTSC camera.
This 20 % of additional resolution (PAL) dissapears during the transfer process to NTSC but the footage is still OK.
So, any transfer from NTSC to PAL means that you will end up with a footage you will not be very happy about.