Financial gurus here?

A rollover IRA is a vehicle made for just your situation. Whether or not you use one would heavily depend on your age and time to you plan to retire.
A couple of reasons to rollover, are that you would have much more input as to how the funds would be invested, and could get a much nicer rate of return than by just leaving it sit. Another is as rustyfish says, that money or company could be gone by the time you retire.
Reducing debt is great, but if you can get 10% return on your money, but finance your debt at a lower rate, you come out ahead, and still have your nest egg.
There are several levels of service available from financial investment companies. Lower fees give you less service, so if you're a novice, better to go to a full service company, and have them manage for you. For reasons specific to me, I use Fidelity, and have been satisfied with the results.
Good luck!