After a few unsuccessful attempts to link convert to /usr/bin/convert, I ran:
ImageMagick binaries do not live in /usr/bin as will reports. Instead, they live in /usr/X11R6/bin or /usr/bin/X11.
Keep this in mind when linking to convert or any other ImageMagick tool.
Over and out...
PS -- This was on fud.dreamhost.com. I don't know if other machines differ.