As far as being a becoming an observant Noahide or converting to Judaism goes, these are two very different paths. Besides the obvious differences, there is the question of legal jurisdiction. A convert intends to be under the complete authority of the Jewish court of law as interpreted by the Jewish court system. A Noahide must place himself under the authority of his nations Noahide courts, and be a good national. Just as a convert should seek the welfare of the Jewish nation (as Ruth said "your people will be my people..."), and a Noahide should seek the welfare of his nation. In the Talmud (Bava Kama 38a) is says that like the Jews, the Noahide nations have also been sent into exile because they didn't keep their part of the covenant. I understand this to mean that they must find themselves and who they are. Like the Jews, they too have a mission and purpose in this world.
