diff --git node_reference/node_reference.module node_reference/node_reference.module
index 12723fe..3c505c6 100644
--- node_reference/node_reference.module
+++ node_reference/node_reference.module
@@ -801,16 +801,28 @@ function node_reference_content_migrate_field_alter(&$field_value) {
  * style to the D7 style for specific situations not handled by basic
  * conversion, as when formatter or widget names or settings are changed.
  */
-function node_reference_content_migrate_instance_alter(&$instance_value) {
-  // The module name for the instance was corrected
-  // by the change in node_reference_content_migrate_field_alter().
-  switch ($instance_value['module']) {
+function node_reference_content_migrate_instance_alter(&$instance_value, $field_value) {
+  switch ($field_value['type']) {
     case 'node_reference':
-      // The formatter names changed, all are prefixed
-      // with 'node_reference_'.
-      foreach ($instance_value['display'] as $context => $settings) {
-        $instance_value['display'][$context]['type'] = 'node_reference_' . $settings['type'];
+      // Massage formatters.
+      foreach ($instance_value['display'] as $context => &$display) {
+        switch ($display['type']) {
+          case 'full':
+          case 'teaser':
+            // Those two formatters have been merged into
+            // 'node_reference_view_mode', with a formatter setting.
+            $dislplay['type'] = 'node_reference_node';
+            $dislplay['settings']['node_reference_view_mode'] = $display['type'];
+            break;
+
+          default:
+            // The formatter names changed, all are prefixed with
+            // 'node_reference_'.
+            $dislplay['type'] = 'node_reference_' . $display['type'];
+            break;
+        }
       }
+      // Massage the widget.
       switch ($instance_value['widget']['type']) {
         case 'nodereference_autocomplete':
           $instance_value['widget']['type'] = 'node_reference_autocomplete';