Yes, kind of. I've only used it with 3Delight materials but I think it works with Iray materials too. What is does is, once it finishes importing the object from DS, set up a basic Cycles material for each surface the object had in DS. The material is just a basic mix shader for each DS surface using any diffuse, bump and transparency maps the object had in DS. The exact amount of the mix seems is set in the interface for the script when you run it and is the same for all materials so it does require some tweaking in Blender, but just having the basic mix created for you on import is a huge time saver.

The only downside to using the script is that it transfers everything by exporting OBJs from DAZ Studio so they are static and unrigged in Blender, so you need to make sure that if you are using a figure with moving parts that you have it set-up how you want it before running the script in DS (not really a big issue for things like drawers and doors since you can just move them around in Blender, but important to remember for figures like Victoria or Michael).