Here is a little report on my own attempts this week to take 3DS and
Lightwave (LWO) meshes via Blender and Collada export into Second
Life Beta Test grid (Aditi) and OpenSim on an OSGrid sandbox region.
I also got the meshes imported to Sketchup, but the Collada exports
from that crash the viewer (the again they also crash Blender 2.534
when I try importing to that!).
Note the mesh is quite a detailed one... but I was seeing what could
and could not be done beyond the simple tutorial objects that LL
provide on their Mesh Wiki.
The OSGrid import is actually quite good, and not far away from what
the mesh looked like when first imported to Sketchup. Some flipping
of the face normals and texturing parts that look transparent where
they should not might make this fixable with some work.