Just to make sure I didn't leave out a step, I just extracted the Ares model and textures with VPview32, converted the textures to BMP files, and then converted the POF to COB with PCS. I opened up the COB with 3D Exploration afterwards and it worked perfectly
But, there are a few things that might be at issue.
1) Read Grey Wolf's reply, only instead of checking "use default material", make sure that "use textures" is checked
(the default material is what is used for anything that doesn't have an individual texture specified, which should be nada for a correctly converted model)
2) The converted COB file has all LODs and Debris included. This means 2 things, you have to extract _all_ the textures for the LODs and thrusters if you leave all of that in the model. Second, by default all the pieces are shown by 3D Exploration. UNcheck the lower level LODs and debris to see if the main LOD texture is correct.
3) Within 3D Exploration double check that the texture names were properly converted by 'expanding' the tree for "Herca" (by clicking the '+' next to the name) and then go down and double click on the "herca" mesh shown in the expanding tree. Go to the materials tab of the properties dialog box that pops up. It should show 1 material used, "hercbone.bmp"
4) Go down to the materials listing in 3D Exploration and double click on Material 1. Make sure that it shows the proper texture map when you select the "maps" tab (it won't if for example the path to the texture is wrong or the texture isn't in the same directory as the COB file).
Holler if this doesn't make sense or you need further help (in the latter case only after you have done steps 3 and 4 above
)
ps. I only check around sporadically here, so no instant replies...
