while its good to have a full function pof editor for tweaking pofs, i like to do as little post conversion tweaking as possible. the max converter is really good at streamlining workflow.
the other thing that the max converter does really well is smoothing. not that it will be relevant as normal mapping gets adopted, assuming you use the two model technique. on the other hand you can get away with using 2d methods to generate normal maps if your smoothing is perfect and your model has a relatively high polycount.
the pmf exporter sounds like the best idea, so long as it can do everything the max exporter can do, using the same conventions for model setup that were used in the exporter. might want to work out some really good specs on the format, so exporters for various modeling programs may be written. every modeling program has some form of scripting support. good specs would mean people who prefer program x or program y, all have the option of creating an exporter to get the models into pmf.
id be willing to try other formats, but the bottom line is max is now my modeling program of choice. using yet another converter to go from max to cob will just shred up your model more than the max converter would (as would truespace's crappy 3ds import). truespace isnt exactly the best program for cleaning up bad models. truespace isnt even suited to hierarchy setup, one just has to use the max schematic view to realize how crappy truespace's heirarchy tools are. i can do with max's hierarchy tools in minutes that which would take hours to do in truespace.