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Actually it doesn't convert the rust it simply seals it from the air/moisture thus preventing further rusting. And it can only be painted over with self etching primer or POR 15s special self etching epoxy primer. If you try painting over POR 15 with any other paint it will just fall off with absolutely Zero adhesion.
POR 15 recommends using a rust converter first. Then using there marine clean and then metal prep.
http://www.por15.com/Rust-Preventive-Coating_c_11.html
So what does Jasco Prep and Primer do? That stuff is pretty cheap and can be gotten at a local Lowes or maybe even Home Dee Pot.