gile - I successfully imported the 3D demo 3DS scene into the demo. All collision blocks, waypoints, lights and cameras were accounted for. The program also allows you to move block and lights around so you can tweak it. Even though the cameras were on the list of what got loaded, both of them were loaded at 0,0,0. There also doesn't seem to be a way to look through a camera's POV.
After doing that exporter stuff, the 3ds format seems to have some of those issues. Don't forget it's quite old though and although 3ds max sounds like "the" 3ds program, it only supports this format to export as well. If you import those Blender exports into 3ds max, you will see something similiar - most lights will be placed at 0,0,0 for whatever reason and other strange things. One of the reasons might be, that the 3ds format is not really public, so most developers can only use some old version (3.0), where most of the chunks are known, and so did I.
EDIT: I can't seem to load the Blender exported 3DS scenes into it, though. I guess this means the demo scene was not exported from it? If so, that's too bad, I thought I had found an app we could use as some kind of go between.
That's right, The demo scene was done and exported in 3ds max - you can find the original files in the wme_3d_demo subfolder "original files" (heh!) - and it saves a lot more of information than the Blender exporter (which only saves the information used by WME). Obviously "giles" knows something more than me then refusing them.
Anyway - the more important step is to be able to save 3DS files from your favorite modeler, I guess reimporting them into another program won't be needed too often in general, but for a quick tewaking of such a file, it might become helpful indeed (after fixing that cam@0,0,0 issue...).
Ok, now I almost hi-jacked the thread again... so I finalize it by saying: thanks for sharing the link.