Hi WM,
Yeah, I've used this in the past...The only annoying thing is assigning the colors to the objects in 3D Max. Last time I did it the objects that come in from ArchiCAD got assigned random names so the objects and their names have no relevance between each other. So if your model is large it might be a little confusing as to selecting the objects.
All this said, I haven't done the conversion into max since using AC 8.1 so maybe it has changed...
Apart from this I found that the objects imported really well into MAX from ArchiCAD.