I'm assuming you're familiar with the client-server model (?)
Basically, yes to the first part - there are a whole new set of objects and methods available.
One disadvantage with server-side VBScript within ASP is that it is no longer able to interface with objects on the client side. For example, ASP/VBS cannot detect mouse events, like clicks on a button in a webpage.
So you do get a whole new set of objects/methods to play with, but a lot of the client-side flexibility is lost.
As to "conversion to client-side", nope. The code is executed and processed on the server, thus nowhere near the client. Only the resultant data is returned for the user agent to output. 
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