If you DO decide to share it, then you have just wasted your time by moving from a module, because a module is nothing but a class with all shared members. You don't reference it quite the way you would if you were to actually make a class with all shared members, but only because MS decided to make modules look and act as they did in VB6, so the conversion into a class is done quietly in the background, and you aren't required to use the module name as you would if this was a class. Again, that's only because MS wanted modules to act in a familiar way for VB6 people, not because they actually are different animals.

There are MANY good reasons not to make members shared. Is Refactor Pro recommending that most members of most classes be shared, or just members when you are converting a module to an explicit class?

If you have a shared member, then there is only one instance of that member for all instances of the class. Change it in one instance, you change it for all. If that's the way it SHOULD work, then the member should be shared, otherwise it must not be.