amitGreen:
First of all, I don't think you need to worry about CP since your RD is 11/2001 and your 485 should be approved sometime soon.
CP is a risky process. It's faster but has several pitfalls. AOS is a much safer route in these uncertain times. Here are a few pros and cons for CP and AOS:
CP Pros:
Fast 3-4 months after 140; You get a chance to visit your home country; You do your medicals in home country prior to CP interview; FP is done at POE on arrival; You get your GC stamp on arrival in the US at POE; Plastic card follows soon thereafter; You can opt out of CP easily and apply for 485 instead without need to fill extra forms
CP Cons:
Extremely risky if there's a possibility of your being laid off before the CP interview; If you're laid off that's the end of the GC process; You have to opt for CP at the I-140 stage; You can opt for CP even later but have to file extra forms with INS causing delays of a couple of months; If CP is denied at interview stage there's no way to enter US, except if your employer sends you a new H-1, you'll need to apply for a new H-1 multiple-entry visa at the Consulate, in these bad economic times few companies will be willing to sponsor for H-1, also you'll need to wait in your home country till you get new H-1 papers; You have to obtain Police Clearance Certificate from local police/Indian Consulates in the US prior to CP interview; If your credentials are dubious, Consulates verify employment, educational history since they're well-versed with your home country
485 Pros:
Safer route to GC; Offers a safety net for people who are laid off or those wanting to change jobs, thanks to AC-21; You can continue working on your H-1 while 485 is pending; Spouse can start working using EAD; You can travel abroad and return using your AP; Since you're already in the US, in case of 485 denial you could still appeal without hampering your work/family life here
485 Cons:
Longer processing time; You have to keep renewing your EAD/AP till 485 approval; Possibility of RFE or transfer to local INS office with interview
I'm sure I might have missed a few more of the pros and cons but these should cover the major points. Hope you find it useful.