T'is. I've tried exporting scenes to LW, compositing scenes (w/Combustion) and intermixing with XFrog trees. I've noticed a few things..
The z-values are differently scaled, i.e. the scale in the z-buffer needs to be manipulated (quite a lot) to match LW's.
Exporting scenes usually works nicely, trees should be avoided unless necessary, but exported terrains look nice in LW.
The synchro plugin that comes with Vue Pro works with cameras and lights. Although I've found it somewhat flaky, it does the job.
I was going to experiment further this week, but the RPF export is acting up...and so is the RLA, it seems. Bleh.