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URL:  http://boards.fool.com/ahh-i-see-what-i-was-missing-from-pub-590-i-had-29818826.aspx

Subject:  Re: Cheating the 59 1/2 rule? Date:  2/1/2012  2:21 PM
Author:  Hawkwin Number:  70075 of 76418

Ahh, I see what I was missing from pub 590. I had read this:

Withdrawals of contributions by due date. If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions.

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But missed this:

The 5-year period used for determining whether the 10% early distribution tax applies to a distribution from a conversion or rollover contribution is separately determined for each conversion and rollover, and is not necessarily the same as the ...

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So basically, that conversion has a 5-yr waiting period but previous contributions do not. Interesting.
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