My therapist told me once that the therapy we had undertaken was not appropriately called "conversion" therapy. That, he explained, suggests conversion from one sexual orientation to another and obscures the actual internal processes taking place. The term he prefers is "reparative" therapy, not because your sexuality is broken and needs to be repaired, but because your development is incomplete and in need of repair. The repair takes place in inter-personal relationships that may seem to have no bearing on sexuality whatsoever. Relationships with parents, with others of the same gender, with friends who love and support you....
The oft publicized problem with reparative therapy is 1) that it hasn't been rigorously proven or disproven (and yes, I know there are those who disagree and I can forward you to the current body of evidence to decide for yourself if you want), and 2) the success rate is quite low even in the best case scenarios.
Any particular therapy should have a good therapeutic ratio to be useful to anyone--the chance of benefit must be high enough to justify the risks of harm. The risks of reparative therapy get a lot of press, but they are just as unverified as the supposed successes.
So, despite that I have a number of friends who have undergone reparative therapy and are still as gay as a pink tie, I wonder to myself whether there is still some benefit. What if the social relationships "repaired" during the therapy really needed to be repaired apart from any sexual consequences?
That's pretty much where I am these days. Still undergoing reparative therapy (although not intensively right now) because I see lots of ancillary benefits that have nothing to do with my sexual orientation. I've really looked at the way I view myself. I've looked at the way I view my family members. I've carefully considered what intimidates and attracts me and why. And that sort of insight is really valuable no matter how you look at it. I'm completely okay with the prospect that my sexual orientation may not budge from this exercise. And I think that sort of attitude is a far better way to mitigate the risks and increase the therapeutic ratio than to avoid the therapy altogether.