In response to another forum post(https://forum.solidworks.com/forum/messageview.cfm?catid=19&threadid=15875&forumid=3),I posted a small video to explain the details of how conversion ishandled for legacy colors/textures and PW materials applied to thesame references.

http://www.youtube.com/watch?v=KhoRHXKmPPsSolidworksPhotoworks