'Convert Materials' is broken

[zboog]

Is the convert materials button broken or is there a different way to use it than I've tried?

I've tried to select materials in the hypershade and click the button, I've tried to select the objects with materials I want to covert and hit the button, but all that happens is I get an error:

// Error: No suitable materials found: converted materials must be assigned to "Polygonal mesh", "Subdivision surface" or "NURBS surface".