Richard Feynman was critical of teaching children how to convert between number bases.
I'll give you an example: They would talk about different bases of numbers -- five, six, and so on -- to show the possibilities. That would be interesting for a kid who could understand base ten -- something to entertain his mind. But what they turned it into, in these books, was that every child had to learn another base! And then the usual horror would come: "Translate these numbers, which are written in base seven, to base five." Translating from one base to another is an utterly useless thing. If you can do it, maybe it's entertaining; if you can't do it, forget it. There's no point to it. (Surely You're Joking, Mr. Feynman!)
Are there good reasons for teaching children this skill?
From my (humble) perspective:
Understanding the binary system - "base $2$" - is important, conceptually, given the prominence of computing and computer science, electrical engineering, digital "everything". Additionally, the binary system correlates with dichotic logic: $\{0, 1\}$, $\{\text{true}, \text{ false}\}$, on/off, yes/no, etc.
So acquiring an early understanding of binary logic and the binary system can go a long way, for students in general. (Later on, understanding the hexadecimal will then be much easier, as will grasping any base that is a power of $2$).
With respect to other bases, it does seem to be more of an exercise in "mental flexibility", and its value is likely age-dependent: I suspect that consulting those who study cognitive science and developmental psychology would be helpful in answering this question, since they would likely have a better grasp of how, when, and whether students, generally speaking, are cognitively prepared for and/or will benefit from these exercises in any substantive way.
That said:
I do know that I have acquired a much deeper understanding of the English language, both syntactically and semantically, having studied Spanish in depth -- an understanding I doubt I would have acquired without being immersed in the structure of another language. So the same may be true for helping students acquire an deeper understanding of base 10, by immersing students in tasks of converting to and from, and operating within an alternate base (a foreign numeric language, so to speak).