Don't know much about it. But color channels sounds right.
Do you have examples of what a regualr BW conversion would look like as compared to a BW color channel conversion?
Exactly the same, depending on how you do it. There's a few direct methods to convert a colour image to black and white:
Value based: Takes the RGB value adds them together and divides by 3. For a perfect set of red green and blue stripes they would all look 33% grey. A yellow, purple or cyan stripe would look 66% grey, and white looks white.
Lightness based: Takes the RGB values but weights them according to how our eye perceives colour intensity. I.e. A stripe of red green and blue, the blue looks very dark, the red medum, and the green bright.
Custom: The channel mixer allows you to select any arbitrary value of these: e.g. 100% Red, 0% Green, and 0% Blue is the same as a photo taken through a Wratten #25A Red Filter.
These are all colour based, There are other methods too such as changing the colour system to LAB and then dropping the A and B channel leaving only lightness as a result, or using a gradient map which in a very simplistic way could be explained as the curve tool used for black and white conversion.
The best way, is just grab a list of various methods from google:
7 Black and White Photoshop Conversion Techniques
And do some. Play around with a variety of images. There is no one way to do this conversion, it all depends on what looks good for a specific photo.