Mike,

I use MoI with HyperShot. You need to do the following (copied from the MoI Support page)

Download:
http://moi3d.com/download/SeparateOBJ.zip

This will edit an .obj file to break objects down into smaller pieces to help with material assignment in some other programs such as Poser, HyperShot, and Bryce.

If your .obj file was exported with default settings, this will break apart pieces between any sharp edges. For example, a box will break apart into 6 different objects. But if you have rounded all the edges of the box so they are smooth, it will remain as one single piece.

However, if you export your .obj file with "Weld vertices along edges" unchecked (expand the Meshing options dialog with the arrow in the bottom-left corner to see this setting), then that will set things up so that all surfaces will be broken out into individual pieces, including pieces that are smooth with one another.

To use the program, unzip it to some folder, then run the SeparateOBJ.exe program. It will ask you for the name of an .obj file and after you give it one it will edit the obj file to break larger objects into smaller object pieces, and also assigns separate material ids to each piece, which HyperShot needs to have present to assign materials to different pieces of the file instead of just one material for everything.

Ed
(Hoping this will become a MoI "save as" option some day :)