It's more than promising. It's fantastic. I use it to convert from .veg or .ml to PTX or .ptf or .rpp all the time. And vice versa. And they are incredibly responsive if there are any issues. A really great product by really great guys.
But, in case anyone is hoping it does something more, it should be pointed out that AATranslator only deals with audio. It is able to convert audio projects between virtually all the currently available DAWs, preserving more of the detail (pans, fades, etc) than any other software I have come across. I can't recommend it too highly.
But it does not attempt to translate video projects between different video NLEs.