I thought I'd give this a go as I have several forms in CF7 that I want to convert.
I didn't hold out much hope of it working when the first thing I noticed was the menu title showed:
<acronym title='Contact Form 7'>CF7</acronym> Import
Anyway, I thought I'd try a very simple form first. A newsletter signup consisting of one field (email). This failed to do anything, leaving me at a blank "import a form" screen. I tried more complex forms but these failed too.