Creo 3.0 compatibility with Solid Edge

Hi,

My company is merging with another,

We use Creo, but they use Siemens Solid Edge

I need to know what compatibility Creo 3 has with Solid Edge ST7. I know Creo 3 has an Import feature for Solid Edge files, but is that an easy 'File > import' or do I download extra software to do this? and once imported, can I edit the model like a normal Creo model or is it more of a viewer with large limitations? What are the limitations of what can be transferred and modified in Creo from Solid Edge?!

I hope someone can give me some advice, or point me in the right direction for help/guides.

Thanks in advance,

Dan