3DX can convert one single object at a time and the editing of the conversion settings can be quite lengthy in some situations. One example for all: an object composed of many sub-meshes, which I want to convert into a parent-child hierarchy: to do this, I need to manually create the sub-prop for each sub-mesh. Also the material assignment is in that situation quite lengthy.
Hence, my suggestion is to extend the API, planned for IC7, to 3DX7, in order to automatize the conversion pipeline.