Quote: "Does it create the FPE file etc? and make it GG ready? Or is it just a converter?"
It is simply a converter, and a damn good one I might add! It doesn't create an fpe, bitmap, etc. You still have to import it into GG the way you would normally do it. Many do it manually, I used to do that as well, but now I prefer to use GG's importer, which creates the fpe, bitmap, etc. I then go in and tweak things in the fpe as I prefer. I agree with your initial post about Fuse.
Quote: "What concerns me is Adobe, you never know what there going to do with a product. One day it can be free to rig etc and the next there wanting 20 to 30 dollars per model for each fuse character. Not to mention them removing support for certain model formats. As they did recently. It also looks like your going to have to have a create cloud membership in the future to use fuse. "
We don't know where they are going with it and it looks like, as you say, it will become a creative cloud product. Mixamo used to rig for free and then sell the animations (at least that's how I think they did it, I never used it back then even though I had it; I didn't want to spend that kind of money on animations either.) Right now, all those animations are free, and probably will be for most of this year, it looks like. I have been collecting as many as I can and rigging as many characters as I can. I have around 1000 animations each in bvh and fbx formats. I suspect the after "Preview Mode" is past, these things will cost some coin. Get them now!
It would be nice if TGC would take a little inspiration from Fuse in their character creator like Belidos mentioned. Facial and body morphs aside, the way the clothing mesh polygons are arranged allows for an infinite arrangement of textures to suit almost any clothing type, along with the use of substance and the multitude of material options that provides. I tried some of my own substances in Fuse, only to have it crash. Oh, well, there is still a lot to be created there anyway. We all want custom characters in our games, of course. No engine that I know of even offers a character generator. As for Adobe dropping UE4 support, it scared me a bit when I read it. Their standard fbx export still imports into UE4, so it's not that critical (although the texture looked a little off, but that might have just been lighting). It just means that if one of their characters doesn't work for you in UE4, they can just say, "Sorry, we don't support that."
I'm rambling now, I will stop.
Desktop: i7 4770@3.4Ghz (passmark 9809), 12GB RAM, Win 10/64, GeForce GTX 1080 (passmark 12006), 1TB SSD, 1TB HDD; Laptop: i7 4800MQ@2.7Ghz, 16GB RAM, Win 10/64, GeForce GTX870M , 1TB SSD.