Concave Faces 101:

The object on the left has a concave face. The object on the right shows the same face (mirrored) but sliced into two convex faces.
As to why I said there would be problems with that sail on the Iowa, here is an in game example:
Also, compare the 3 Sail Front images here:
http://members.aol.com/ArisKalzar/Iowa/ SailFront.jpg is how it should look, SailFrontBad 1 and 2 are how it sometimes looks. The same is true for the back and for the back of the thing on top. In the pic you posted did you notice the white texture in the target view box? That was caused by two faces that weren't connected but were flat against eachother with normals facing the opposite ways. My Iowa pics are a bit outdated, I've got a much better looking main hull model (that's actually in one piece) that I'm working on. Had a time getting it into Wings3D without screwing up it's geometry though. Had to open in TS1, export to DXF, open in GMax, delete the DXF's double faces, export to MD3, open in LithUnwrap, export in Wavefront OBJ, and then open in Wings3D. It triangulated a lot of stuff, but didn't screw up the geometry too much. And I haven't had any problems converting. (One thing of note though, your IowaMainLOD.cob file seems to have 68 different materials without any textures which makes no sense to me. You only need one material per texture I think.) On my copy the dimensions are a bit off probably due to all the conversions. My copy also doesn't have crawling textures like I saw on the IowaMainLOD.cob I converted. Also, I have just been working with the main hull not the turrets.