As this bonus started just before VA and KF announce the details, it probably already hinting us it won't be 1:1.
Has it occurred to anyone that almost all the "participating" credit cards can be transferred to KF as well at the same rate as VA? So they are trying to lure people into converting CC points to VA points rather than KF, but only to find out that the transfer ratio is something terrible, that they should've convert the points to KF directly.
I did transfer some points tho as I have a VA redemption in mind and I'm 17000 miles short. But I just converted enough for the redemption and decide to sit on the rest of my altitude points and see what happens. VA and KF should announce the details sometimes in Nov, if it's 1:1, then it won't be too late to convert to VA and still get the bonus, and convert to KF later.