To put it informally, the new theory may possibly be more convenient for proving theorems, but it proves no new theorems about the old theory.
Note that a conservative extension of a consistent theory is consistent. Hence, conservative extensions do not bear the risk of introducing new inconsistencies. This can also be seen as a methodology for writing and structuring large theories: start with a theory, , that is known (or assumed) to be consistent, and successively build conservative extensions , , ... of it.
The theorem provers Isabelle and ACL2 adopt this methodology by providing a language for conservative extensions by definition.
Recently, conservative extensions have been used for defining a notion of module for ontologies: if an ontology is formalized as a logical theory, a subtheory is a module if the whole ontology is a conservative extension of the subtheory.
An extension which is not conservative may be called a proper extension.
See also: Conservativity theorem