I just did a *very* quick-and-dirty test with a simple model with two groups. If you create groups in 3DS with different material settings, they come into A:M with the groups called "Surface 1" and "Surface 2". I didn't get fancy, I only applied ambient colors, but they came in more-or-less intact, e.g., one group came in completely transparent, but I just reset the transparency in surface settings from zero back to 100.
In messing around in 3DS I also applied a "weld" modifier and that's had some unexpected results in A:M but I'm not 100% sure what the "weld" modifier is so I can't offer any more info.
Also as I mentioned above, these settings appear to only be in the instance placed in the chor, not in the model itself; kind of strange actually.
Bears more testing, but this is all very promising I think.