There is half of an pipeline to get something into the engine the other half is still missing. Larian provides an exporter inside the editor, to OBJ.. but this only works for static meshes (Try it yourself on a character or armor piece). OBJ does not support all features required.

LSM or GR2 are both formats 3dsmax and blender can't open nor export to.

Which leaves us right where we already were. LSTools already allowed static mesh import into the engine. The problem lies in animations, keyframes, source skeleton binding and weighting.

We still need
- Source skeleton and rigged character with armor and hair as 3dsmax "*.max or *.blender" file
- 3DSMax/Blender importer/exporter plugin/script

I think the wording in the patch notes was simply wrong. What they added was en editor model export/import. Which I am gonna be honest with you, is really cool. Since the source inside the editor is GR2. But we are still missing the tools needed to actually have an art pipeline here where the end is an easy making of art. Currently you flat out can't make certain things in the editor. Like new monsters.

Also there was a topic like this already ;P
http://www.larian.com/forums/ubbthreads.php?ubb=showflat&Number=562169#Post562169