It does work to export from the old database and import to the new. You just need to change is the wp-config.php settings to point to the new database. I’m running into issues in two areas, however. Somewhere along the way, the collation is changed on the database tables, so some characters aren’t represented correctly in the new database. It also broke some plug-ins, such as the tag cloud widget for Ultimate Tag Warrior. I’ll work on these issues, but the process I outlined above works.