I've had to revert to version 3, unfortunately. 3.2 crashed on a large 3DS file; the process kept running and had to be terminated from Task Manager. (I had the same problem as lmckenzie with png2rsr, but the latest version has fixed that. I'm on XP.) PropViewer 3 handles this same 3DS fine - I didn't get around to trying 3.1.

Also, the view by group / material functions didn't seem to work for me; or maybe I misunderstood them.