[MrBlue]

This is absolutely correct.

One strategy that a friend is planning on using is to do the conversion when he goes back to school for an advanced degree. He knows he's going to quit his job and go back to school. While in school, his income will be 0. He'll be using those 2 years to convert the bulk of his retirement accounts into Roth IRA to take advantage of the lower tax bracket.

There are other strategies such as starting your own business. In the first couple of years, you may not have much income thus not draw much of a salary from your business. You can then use this time to convert any retirement accounts at a lower tax bracket.

If you're going to do any of these things, you should probably consult your accountant to verify that they do work.

edit:
I'm also going to add here that I believe taxes will only go up from here. The Bush tax cuts won't last past 2010. With all the talk about the huge national debt, I think it's unlikely we see any significant tax cuts. But it's hard to predict 30 years in the future. By that time, congress could pass a law that says we need to tax Roths! Now that would suck.