The script does the following actions:
1) Allows to import .OBJ's only;i.e. .objs file type is already present in the file type list.
2) Resets Material 01
3) Applies Material 01 to imported obj
4) Applies black wireframe colour
5) Converts to Editable Poly
6) Applies single smoothing group (SM 1) to the entire model.
7) The name of the imported object will actually what you exported as with an obj prefix and not "objgroupx" blah blah-which i freaking hate.