I use it primarily to convert .obj into .x. Works great so far. I put a lot of Maya models into unrealEd this way, for some reason I can't get any unreal exporter to work in maya 8.5.
I've only used it to get Lightwave stuff into a decent format. Worked perfectly. Needed some work to align instances and shit, but I think that was the way the original file was setup.
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The best you can do is to download the trial and try its features exporting/importing.