Yes, I use it all the time. MeshLab imports these and exports STL. You can also do any simple rotation/scaling/translation at that time.
My workflow:
Brain -> Sketchup -> *.dae
*.dae -> Meshlab -> *.stl
*.stl -> Skeinforge -> *.gcode
*.gcode -> ReplicatorG -> MakerBot
Works very nicely. As with any 3D software, it is important to keep objects clean. Make sure you don't have any extra geometry around (show hidden geometry in Sketchup ), make sure edges meet etc.
-Geert