I finally decided to take a wack at a bbdb to org-contacts converter. I'm attaching the file below. It should prompt for a file and insert all your existing bbdb records into the file using the formats and fields that I decided was appropriate ;-)
(require 'bbdb-to-org-contacts) M-x bbdb-to-org-contacts
Now... I've been using bbdb for a very very long time. That means that I have a lot of records. That means that this was a good chance to find out how well org-contacts scales. The sad news is that it doesn't. Once I point org-contacts at my newly generated file containing 831 records it make org-contacts really really slow down. I wouldn't care about the normal record searching process for just looking something up, but it makes loading a message in gnus unusable (5 second delay per message).
So... I need to filter down to "current ones I need to keep" or we need to optimize the contacts a bit to cache file points where a record for a given email address is stored or something.