Probably upgrade Resistance. I have a decent collection, but we'll see what it costs locally. First Order I'm likely to sell off.
Wave 2 factions: how many are converting?
none, sticking with the rebels, imperials plus scum.
these are, for the most part, balanced and should provide years of casual gaming fun.
I am leery of expansions and getting back on the power creep train...
Most likely not, although I might just get one conversion kit for each and store them together with whatever ships I have from this faction from 1.0 as AFAIK FFG never explained whether conversion kits are a one-off product at launch or they'll be available for longer (personally I get the former).
I have zero interest in Resistance and FO, but I do have interest in competitive play and I don't want to be caught completely off-guard if they end up being at the top of the meta at some point in the future.
I don't have enough ships to make the economics worthwhile when it comes to the conversion packs but I will be converting these factions. Due to the breakdown of the wave 2 conversion packs I'm more optimistic about finding spares for my ships on the secondary markets. Plenty of extra TIEs (7 to a pack), T70s (4 to a pack) etc. The challenge is getting the cards and tokens of course, but it's generally going to be easier compared the the Rebel and Imperial packs.
I've been holding off buying the Silencer and Bomber in anticipation of better models.
I'm going to convert my Rebels and Resistance, and maybe get cards so I can fly my Defenders every now and again, but I'm not going to throw money at the game like I used to! I lost sight of what was important under 1.0, and I'm going to use 2.0 as a way of rediscovering my love of the game.
For myself, got every ship and gonna convert em all, probably in the order Scum > Galactic Empire > First Order > Rebel Alliance > Resistance. Then my wallet will cry harder when CIS and Republic factions enter the game.