Looks very interesting.. I only see mentions of max 5.1 and a max 6 patch, so does it still work anymore with newer versions of max?
I haven't tried it yet, but I've been told it doesn't work with Max7. I'm not sure if it works with skin either, I think it preferred Physique. Try Ultimate Unwrap. That's what I use. It comes with an exporter to export U3d from Max and then you convert to B3d in Ultimate Unwrap. It's not as direct, but you lose nothing in the conversion as all data is exported ( normals, vertex colors, everything )