Some pretty major additions have been added in the last day, node links are now supported. So as long as there are no groups in the node_tree than everything works fine and you get the same material as you exported. The one exception being anything that has to be loaded or setup.
By this I mean, if you have an image loaded into the one .blend it won't be linked up in the other one. I might add support for packing files into a local folder, so images can be transferred with the .bmat file, but that is still to come. Also, things like UV maps and vertex groups will have to have the same name in the new location, otherwise they won't link up.
Groups are still not supported, although I have begun working on them, hopefully within the next few days I will be able to post an alpha version up here with at least most of the features working.