According the EASA regulations basically all ICAO (FAA) licence and Ratings can be converted in EASA licences and EASA Rating. However EASA says before you start your conversion your license and ratings must be current.
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The EASA Conversion program aims directly for non-EASA license holders who have completed a commercial pilot program (FAA or other ICAO country) and wishes to convert his or her Commercial Pilot License to a EASA license.
As long as you fly within the airspace of the country that issued your license you will not need a flight review, but once crossing the airspace to another country you will be flying on your FAA licenses and they need to be current. So yes, a flight review is needed if you are planing to fly across Europe.
The airline transport pilot (ATP) is the most advanced pilot certificate one can obtain, and it's necessary for those who want to fly commercial airliners for a living. All commercial airlines now require a pilot applicant to have an ATP certificate.