"A 1% conversion rate might be acceptable for a high ticket product (e.g. $1997),"
Dood!!!! Sign me up.

Show me a 1% $2000 product and I'll market it until it's blue in the face.

;D

But being a dick aside... yes, you have a valid point. Just a generic "my conversion is" is an empty statement without first qualifying it (industry, price point, traffic source, rebill or one time, etc)