For what it's worth, I have a crankset covered by this recall so I stopped into my LBS a few days ago and inquired about the process. The first words out of the owners' mouth were "You're not getting a new crank if it isn't broken." To which I replied, "How exactly is 'broken' defined?" The answer was, 'There has to be a visible gap between the two bonded surfaces of the crankarm.'
In other words, this is more like CYA from Shimano. They are absolutely not going to be giving away a million new high-end cranksets, so don't get your hopes up.
As an aside, this recall is an important topic, so perhaps it would be better to split the pedal-thread-standard conversion off into its own post. Just a suggestion.