I'll try to explain it better. There is nothing wrong with the script called "TrueSpace Hierarchy -FS2-." The other script didn't do hierarchy properly and was useless for FS converting. TrueSpace tends to be a pain when compared to Collada. I use Blender for all my FS stuff, and I find that the Collada option is easier and more satisfying than TrueSpace.
General requirements for a successful TrueSpace-to-FS conversion are that all the textures had to be in their own objects, which then have to be combined back into the main object inside truespace and then saved as a cob again and then converted into the FS format. All the smoothing groups have to be edge-splitted so that they will be correctly drawn, and in several cases they just do not work. Occasionally there either is no smoothing or the object is all in the same smoothing group and looks terrible. Also, there are axis inversions that occur along the way, which gets a little confusing.
As a Blender user experienced converting things for FS through both these methods, Collada exporting is a lot easier to use. It may look like chaos to set up, but it is well worth the effort and is less hair-pullingly frustrating than TrueSpace. The axis inversions do not happen, no texture subobjects are necessary, and smoothing groups are recognized. However blender itself does not support smooth groups, so you have to do the edge-splitting anyways.
TrueSpace has limitations regarding model size. Too much detail makes the "cleaning" of the .cob file take forever. On my largest ship, it took me three hours just to get the turrets parented to the hull, and another three to get all the detail boxes correctly set up.
Collada completely negates the need for truespace, is generally more error-free than truespace, and is done in a way that makes naming a large quantity of objects a lot faster. In the TrueSpace method, every object that set up turret firepoints and paths had to have very specific names that made using Blender's "Batch Object Name Edit" script ineffective. The firepoints need to be named "turretXX-fpYY," and can't have Blender's ".00X" tag that denotes duplicate objects in the name. Collada only has two object names (turretXX and helperXX) that must be unique, but only one XX needs to be defined per turret since you can duplicate the turret, clear its mesh and replace the "turret" in the name with "helper." This makes these scripts much more useful. Also, Collada ignores the ".00X" tag and makes naming objects go a lot faster.
I noticed that the FS -> TrueSpace -> Blender conversion always destroyed the location information for the ship's subobjects, making them all appear at the origin and crapped the hierarchy. Collada preserves the hierarchy and subobject data. If you're planning on doing any renders with FS ships in them, Collada is the way to go.
In fact, forget TrueSpace and learn the way of the Collada. You have a choice between anger, agony and frustration or pleasure, happiness and satisfaction here.
There's a reason many of us refer to TrueSpace as "TrueCrap."