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Flash CS3 has more than a few major differences with how timelines and actions are executed that make certain paradigms that were simple in AS2 impossible in AS3 -- I would suggest *not* trying to convert any AS2 project to AS3 whenever possible. It's doable in some cases, but if you are using a lot of timelines and object actions, it might not be doable without completely re-structuring your files.
there's nothing to know except the correct syntax for frame actions AND the default timeline will change when converting from an object action to a frame action.
There are other fundamental differences with AS3 and timelines, however, that can be a real problem. If you are relying heavily on timelines for your project, converting to AS3 may cause a lot more problems than syntax and scope. For instance, gotoAndPlay/gotoAndStop/prevFrame/etc no longer have an immediate affect.