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Hey, even i am a student of pe2. Will be trying my luck in may 2010 as i am not sure of the last Nov exam.
With regards to your question, my personal preference would be to stick to pe2. Reason-You get to write your Final after 2 years of your articleship (for somebody who is already late will be taking advantage of this)
If you convert to IPCC, you will have to wait for 2.5 years after you anroll for articleship to write your final.
The only advantage if you convert to IPCC is you can get started with articleship after clearing first group where as in pe 2 you have to clear both the groups.
But, once you convert to IPCC you cannot take pe2 this May 2010.
It is all depending upon your risk taking ability.
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