The tool is currently in a preview stage. While it works, the user experience is still poor and it has some remaining problems.
[Preview]
It simplifies the application of loads of materials to imported meshes and objects. The first step is to create material sets. A material set consists of one or more materials.

Following that, you must select all mesh-renderers in the scene for which you want to apply material sets. You can choose which set you want to apply from the Apply menu.

Finally the selected objects contain all set information. Each set can now also be applied from the component on the object.
