I should have been more specific. I was trying to export metaball based particle effects. Try exporting a particle system fountain, using metaballs as the objects.  I tried to export the final frame of the animation, and only get the spheres -- as they show-up in the Assembly Room. The only way to see the resultant metaball effects is to render the scene -- or so it seems.  So, exporting just gives you the spheres that you see in the render room.

I was hoping that it would work the same as the displacement effects.   That you could export displacement effects (meshes) if you select "Displace in 3D View," but there is no such option (that I can find) to do the same for metaball based particles.