Well, considering the LCD backlight takes 50% of a system's power, any feature that simplifies and makes efficient a consumer's use of the resource is an advancement.
And also note this little line from Intel's...
If you have any programs that are running from those drives, you'll need to task kill them or unmount the disk with the /x modifier.
convert d: /fs:ntfs /x
If you're converting c: drive then it won't convert until you reboot.
Volume label is just the name you give the drive. You don't have to choose one, but it makes organizing data easier when you have multiple partitions.
As for the lost disk space do this:
Start > Administrative Tools > Computer...