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Hi. To answer your questions:
1) You don't need a conversion kit to use this crib as a day bed. Everything you need to use this as a crib, a toddler bed, and a day bed are included with the crib.
It is only when you want to use the crib as an adult double bed that you need the conversion rails. You need to purchase those separately for $159.00.
2) The bed turns into a double bed, again you need the conversion kit for $159. It does not turn into a twin bed.
3) I purchased the crib and the conversion rails together at the same time. I did not want to take a chance that I would not be able to locate the rails when the time came years down the road.
4) It certainly was worth the price. For almost $600, you get a crib that will last your child until adulthood. It is an extremely sturdy crib, and with all the recalls on drop-down sides on other cribs these days, something with stationary sides is lovely.
I also love that this crib just looks so darn stylish, aside from how stupidly easy it was to put it together and how sturdy it is. I nannied for two families who also had this crib, and they were the reason I got one for my own daughter. I hope you decide on this one!
