The longer answer is you probably really want to move your sites. In my opinion, the sooner you move them, the less pain and risk you'll feel in the long run.
Joomla 1.5 reaches its end of life in April 2012. After this point, no more security releases for Joomla 1.5 will be available. If a security issue is found in Joomla 1.5, it will not be patched by the project.
There's also an issue of support. Shortly after Joomla 1.0 reached its end of life in July 2009, we saw many 3rd party developers stopped supporting extensions for Joomla 1.0. I expect we will see this same trend after Joomla 1.5 reaches its end of life, with most 3rd party developers dropping Joomla 1.5 support for their extensions within a year, probably by April 2013. This means if you need to add new functionality to your Joomla 1.5 website, you'll find that pretty difficult if you don't upgrade.
Security issues may be discovered in extensions, which can provide an entrance to your website for a hacker. If the extensions aren't supported, the security issues won't be addressed.
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