Steller vs LOBSTR wallets - What to do before the event

I currently have a LOBSTR wallet. It is simple and seems safe. Why should I own a Steller wallet? What happens to either wallet after the event?  Will both be accessible or moved over to the new improved LOBSTR platform as long as we have our passphrase? What happens to hard wallets after the event?  Will hard wallets even be connectible to the new platform after the event.

Also, I was trying to use the Steller port to look at my LOBSTR wallet. How is the nickname generated for sign in?  Do I have to have a Steller wallet to generate a nickname?