First, what is compelling to me may mean nothing to you. Having said that, I would upgrade Visual Studio if budget allows. In fact, personally I think there is a huge career risk in staying with a company that doesn't keep your tools up to date. You will fall behind in your knowledge of the field without access to the latest tools.
As for converting all your projects just to convert them it seems like folly to me. Putting aside all the extra work distribution (and upgrading the machines to have .NET 4), you have to consider the chance that you will have something go wrong. (And if you are like me some things must be called from 3rd party programs using .NET 3.5 making them unable to convert.)
My first rule would be that nothing is converted unless you are working on it anyway. But I would seriously look to convert anything that could use improvement from either parallel code, or COM interop.
I do have a compelling project that was converted. I had a long running web method being called. In the version that exists now, I return from the method without knowing the results. Instead I gave the user a way to check later. By moving to a parallel foreach loop this works much better and I can let the user know if there were any errors.
The same project is also being converted to use RIA services which have greatly improved and reducing the amount of my own code.