Does Octane require mat's and environ's to be (re) set-up Tweet

[TDF2015]

So I've been watching some videos and reading some posts and I'm still not sure I understand exactly the material/environment part of Octane. It looks as if I set up my Materials and environment in MODO, that I will have to redo that work in Octane... or will Octane bring over my materials from MODO? Also, I've noticed a lot of people saying displacements won't work and neither will fur, is this still the issue, (those were older posts)?