I don't know why it's gone in v.22, but I use it a lot.
Because it never worked like the "convert materials + maps" option, so some people reported shitty conversion results and I disabled the selection modes (the ones with the big "DEBUG" behind the name ;) )
v0.22 only converts the whole scene, no selections. I'm currently restructuring the conversion core functions, so there is a good chance it is coming back (this time actually more useful). I'm also trying to make the script more accessible from outside, so other scripts can use the converter without gui.
If something turns white than the diffuse color (or emission color) is white.