You can also use Image Processor (under File->Scripts) or Image Processor Pro (under File->Automate) to convert a folder of images to TIFF, JPEG or PSD files or open a folder in Bridge, choose the files, then use Tools->Photoshop->Image Processor or if you have the IPP installed, it should be under Dr. Brown's Services.
Choose the conversion format then choose a location for the new files and you won't have to create an action from scratch.
I batch process my master files this way regularly and it works fairly quickly. It sure beats opening and saving them one-by-one!