I haven't tried it yet, but my work just ordered it. It does have some advantages over the Corona converter when it comes to converting Autodesk Material Library stuff to Corona, and it also can convert Corona mats to other engines and to Standard materials.
Regarding converting Vray to Corona, DeadClown (the maker of Corona converter) is credited, but I don't think UMC is better than Corona converter here.
Hope I'll find time next week to check it out.