Like Chris said, the trick is to choose your settings BEFORE you change the device type, not after. It does a good job of scaling things up/down as you change between devices of the same aspect ratio (4:3/16:9), although if you go from 22" down to 4" it obviously won't be too readable.
Going between aspect ratios is a little rougher. I usually do the migration a few times, each with different settings, to see which looks the best.