What are connected workspaces and how they are implemented?

We are exploring options for an upgrade from LL 9.7.1 installations to CS 16.x. One option we want to learn about are connected workspaces. What do they have to offer and how can they be implemented? Can traditional LL projects (subtype 202) in our 9.7.1 installation be converted to connected workspaces through some migration tool?

Thanks in advance for any replies.