while some of my best models were made in truespace, i had never used cob as my export format. i had always used scn. its really the same format, but i found that if you export as a cob, it will always name it selection, which really screws up the autogen. exporting as scn keeps the hierarchy intact much better. its also good to try older formats. when i used truespace i mostly used ts6 and always exported as a ts6 scn file. i had used ts7 but the program was too slow so i went back to 6 for a short time before finally putting the time into learning max.
also considering pcs2 has a pretty good cob/scn importer, id stick to those (with a preference to scn). also note that you want to save in binary mode (cob/scn has an ascii mode in newer versions iirc) otherise pcs2 wont know what to do with it.