Frobert...
Based on WebyJ's feedback and some additional info, it does seem like the Tier 1 (General) as it stands today is no longer going to be supported - but its too early to tell what the status of existing Tier 1s will be when they re-apply.
**Don's commentary** .......I have to assume, though, that applying for an extension will require a different category because they will not want to propagate the old rules very long. I suspect that if you are gainfully employed and the company wants you, they will support a Tier 2 conversion, if they have the resources to do so.....
In a lot of ways....the UK system is being changed more towards the US system...you will not be able to find a job without a sponsor, period.......Things are pretty brutal here....if you get laid off and are on an H1-B, they give you 10 days to find something new before you need to leave the country. Most companies, though, will keep the H1-B's on payroll through their severance period which gives them more time to find a job with an employer that has visa available (which are getting hard to come by lately)....but the bottom line is you cannot stay without a sponsor......
Good luck with the process, I'll be right there with you!
Don