Well after a week of testing (between AutoCAD 2008 and Microstation v7) I'm feeling more confident. I must say though it has been tedious. I've tested the difference between exporting a .dgn via Map > Tools > Export, Exporting to AutoCAD 2000 and opening in Microstation, and doing a Saveas to R2000 and opening in Microstation. Of course I get different results each time seemingly. I guess with the Map Export I get different results due to the Autodesk supplied seed file that it reads. I get the same result pretty much with a Export to 2000 and Saveas to 2000, but the Saveas to 2000 causes the file to increase in size some.
Through my research and testing I have found that layers convert easily, particularly if you use the Microstation level numbering as opposed to layer names. Going to v8 is different as I understand. Since I don't have v8 I can't do the testing there.
Colors transfer instantly according to color number and are pretty easy to match up how you want.
The one thing I notice about a file exported from Microstation is that when you get it into Acad it is set to unitless so you have to set that to feet for it to come back into Microstation properly. This is probably avoidable with proper setup of import/export settings in both Microstation and AutoCAD.
Linetypes, so long as they are simple linetypes, convert fairly well. Complex types with shape files and or text in them don't come across. I have a feeling this is fixable too, but not sure how to get around it and it doesn't matter that much as it is not that necessary for us to use those linetypes.
Fonts are a bear. I haven't figured out how to get those to do what I want yet.
Fun fun.