The two works in a different way:
With JavaConverters your objects will be pimped into a class which support asScala and asJava, which let you programmatically convert your collection.
With JavaConversions, a Java/Scala collection will be automatically converted when required
The risk with the latter is to obtain wrong or unnecessary conversions paying a performance
fault. Additionally, at least in Scala 2.9 there is no caching of implicit conversion, i.e. if the same conversion is applied twice inside a method, the conversion code is called twice.
When you explicitely convert a collection, if you need it in the "Java" version, you will avoid to call twice .asScala in the same method.