The materials also do not seem to be importing correctly. From the manual: "Import an animated model in FBX file format, including the textures, materials , and bones."
I am using the FBXfiles.dll from this Post.

I gave an object (one group) a material skin in MED (No skin mapping, no texture) and exported the model to FBX (11.2006). When I import the FBX (same version) back into MED, the material is now a skin (Texture in MED). It doesn't show up in MED, but does show up in the engine preview, but it's not the same color as my material settings. See the pic below (the top pic is the original MDL, the bottom pic is the imported FBX version).

I also gave an object (one group) two material skins, one on half the faces and the other on the other half. I exported to FBX again and reimported to MED. Two skins are imported but only one appears in the engine preview, but again the wrong color.
See the pic below (the top pic is the original MDL, the bottom pic is the imported FBX version).

If MED can't import what it has exported I don't expect this to work with MAX. MED does successfully import materials from 3DStudio. Does FBX really support materials?