It's not great but it is slowly getting better as the big studios open-source their inhouse formats - Disney, Sony Imageworks and ILM are all doing so and Alembic, OpenVDB, OpenSubdiv, OpenEXR, and Ptex are all widely supported now. The process of opening up things people are already using seems to be working out much better than previous committee- or vendor- driven efforts like FBX, X3D or AAF...

That said, I spent yesterday trying to figure out how to get Leica laser scan data into Houdini, and the only way is to convert to ASCII CSV, so we've got a way to go. Text files are great for debugging, but when you've got 300 million points you pine for the I/O speed of a binary format :/