Initially, I just symlinked my old .vimrc to ~/.config/nvim/init.vim and started adding if sections to configure neovim features while keeping the config backwards-compatible.
Eventually I started rewriting small chunks of it in Lua, and now I'm 100% migrated to init.lua. I think it's a little cleaner this way, but not a life changer. The real power of Lua is for plugin authors.