Conversion from one bitmapped format to another is not generally too difficult. Conversion from one scalable format to another is very difficult. Several commercial software packages claim to perform these tasks, but none has been favorably reviewed by the comp.fonts community. ATech's AllType program, in particular, has had poor reviews [ed: as of 7/92].
In an effort to settle a long-running and oft-asked question, I'll be blunt: as of today [6/93], THERE ARE NO NON-COMMERCIAL PROGRAMS WHICH WILL CONVERT FROM ONE SCALABLE FORMAT TO ANOTHER. Not from TrueType to PostScript Type 1, Type 3, Type 5, or any other scalable PostScript format. Not from PostScript Type 1 to TrueType. Not to or from Intellifont. Not to or from Sun F3 format.
There are some commercial programs: AllType, Metamorphosis, Font Monger, and even MoreFonts (to/from some proprietary format, I believe). And there are probably other commercial programs as well. However, as several people have noted, conversion from one scalable format to another is a bad idea. If the original font was well hinted, the converted font will not be. Of course, if the original was poorly hinted, maybe it won't matter much.
For specific conversions, check the platform specific parts of the FAQ. Most of the conversions discussed require platform specific tools.
Here is a summary of the conversions discussed (and the section in which they appear):
In addition, Adobe ships a copy of Adobe Font Foundry with all of its fonts which can convert Type 1 fonts into HP LaserJet softfonts.