There are some questions whose answers I don't know or have:
Does the hardware supports the ext4 increased time accuracy?
Does rsync supports or uses it?
Although busybox is not involved here, it looks like that it does not uses that extra info.
The following command sequences, on a ext4 filesystem, shows that no fractional time is used:
while true; do touch /mnt/sda2/fred.txt; stat /mnt/sda2/fred.txt|grep ^C; done
Change: 2014-02-05 15:52:58.000000000
Change: 2014-02-05 15:52:58.000000000
Change: 2014-02-05 15:52:58.000000000
Change: 2014-02-05 15:52:59.000000000
Change: 2014-02-05 15:52:59.000000000
Change: 2014-02-05 15:52:59.000000000
Change: 2014-02-05 15:52:59.000000000
while on my desktop computer it displays:
Change: 2014-02-05 15:58:07.994402153 +0000
Change: 2014-02-05 15:58:07.996402115 +0000
Change: 2014-02-05 15:58:07.999402058 +0000
Change: 2014-02-05 15:58:08.001402021 +0000
Change: 2014-02-05 15:58:08.003401983 +0000
Change: 2014-02-05 15:58:08.005401945 +0000
Change: 2014-02-05 15:58:08.007401908 +0000
So the question is if rsync is using that and, in the first place, what time resolution the kernel has on the hardware.
The linux kernel seems to be using nanoseconds:
dmesg | grep clock
shows
sched_clock: 32 bits at 166MHz, resolution 5ns, wraps every 25769ms
Switching to clocksource orion_clocksource
Regarding the conversion: when converting from ext3 to ext4 the current file timestamps shouldn't be changed, i.e. the extra time should be kept at zero, and rsync will find no change.
For new or changed files there might exists problems, if the source and destinations are on fs with different time resolutions (if rsync uses them).
In any case, Alt-F Filesystem Maintenance convert utility does not change individual files, only the fs structure, it uses (after a fsck):
tune2fs -m 0 -O extents,uninit_bg,dir_index
when converting from ext3 to ext4, so you have to use 'chattr' so that existing files will benefice with ext4
This is only relevant if the file will change, if it is not likely to change, like a photo, music or movie, then no improvement will exist, I believe.