I remember reading some speculation (or possibly a leak?) that the AC conversion would go through to Poole rather than being curtailed at Southampton.
I reckon that AC conversion will proceed eastwards/anticlockwise but until all of the DC-only rolling stock is replaced with something that can actually have a pantograph fitted (looking at you 455/465/466) it won't intrude in to London beyond the "pretty much everything stops here" stations (Staines, Woking, Sutton, East Croydon, Bromley South, Orpington, Dartford).
My guess is that the next stage will of the conversion programme will be:
Woking-Southampton via Guildford & Fareham + Portsmouth harbour branch
Eastleigh-Fareham
Woking-Basingtoke & Alton
Aldershot-Guildford
If it goes that way it'll be interesting to see whether Salisbury-Basingstoke/Southampton/Eastleigh and Wokingham-Reigate get wired at the same time.
The logistics of converting Clapham Junction to AC are quite horrific; I don't know whether it'd be possible to convert the lines through to Waterloo without also converting the lines in to Victoria. If you convert the Sussex side of Victoria without the Kent side does it introduce too much risk to services in times of disruption? Could Clapham Junction work as a DC changeover for Victoria services or would AC have to be extended to Wandsworth Common or Balham? Could a line speed changeover back to DC work reliably or would it be better to go out to Streatham Hill, East Croydon & Sutton? Does the cost of making East Croydon dual-voltage cause the economic model to break down?
Perhaps at some point we'll see all of the OHLE put up throughout London but left disconnected apart from scheduled testing, then there'll be a total London DC area network shutdown while all of the AC kit is commissioned. Or, maybe DC is here to stay inside the z6 boundary because conversion is more hassle than it's worth!