I've been using the script a lot lately to increase resolution of dynamic clothes after the sim. It's perfect for it. (In fact, I like the results so much that I think it should be an integrated option in the cloth room.) Anyway, you don't have to start a render. Just...

1. select your prop using hierarchy editor or your cursor in the preview

2. set subdivide to the level you want

3. uncheck "undo after render"

4. decide whether you want to keep edges or not and check box if needed

5. press the "subdivide" button

Prop then appears on top of old prop. Old prop is invisible. New prop is visible. No render needed.

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PoserPro 2014, PS CS5.5 Ext, Nikon D300. Win 8, i7-4770 @ 3.4 GHz, AMD Radeon 8570, 12 GB RAM.