No it does not work that way. It creates assemby like shaders. So in the end result you see a lot of mov dp4 and such. It does convert renderman, hlsl and glsl to 'low level' shaders whilst keeping functionality. It does not convert between those formats. It works like a compiler that omits the binary step.

However ati is having a hlsl2glsl conversion tool at: http://sourceforge.net/projects/hlsl2glsl . But that only seems to convert from hlsl to glsl.

For creating renderman shaders i use shaderman version 7: http://www.dream.com.ua/thetool.html that is the previous version available at: http://www.dream.com.ua/theoldtool.html (and it supposed to be written in delphi!).