Can you give more information for those who want to play with this? How many rows? (You mentioned 1 million at least) How many columns? Content of the fields: Strings, Integers, Floats, Dates? (I mean: are string-to-number/date conversions required?) What is the encoding of the string fields? And what do you want it to be converted to?
I do remember a text file reading discussion here some years ago, and the essence was that the winner was plain old Readln with increased text buffer size.