How is this compare to the nodetype module?

node_convert is superior to nodetype in number of features.

http://drupal.org/project/nodetype

Note: This module is extremely simple and *only* changes the node type in the database column. That is all. It does not convert any CCK fields or change other things about the node.

Right. Only use nodetype.module if you exactly know what you're doing: nodetype.module just changes the database table of the node table but doesn't migrate any data. If you don't know what that means, you should use node_convert.module