Any benefits to converting a 401(k) to an IRA?

[Guest Lyric]

(1) As a general rule, are there any benefits to be derived from converting a 401(k) to a traditional IRA?

I'll be getting a share of a 401(k) as part of a divorce settlement. If I were to convert this it would be penalty-free in the context of a QDRO. But it might not make financial sense.

(2) Would there be any long-term benefits to then reconverting the traditional IRA immediately to a Roth IRA? There would certainly be a tax liability on this (going from a tax-deductible to a non-deductible plan), but would this "second" conversion incur a penalty because it is too far removed from the QDRO? I'm thinking that some of the tax liability would have to be paid from these assets (though not all), and this might constitute an "early withdrawal".

I would appreciate any clarification of these two issues.

Thanks!