What does Import from PowerPivot actually do?

We have two pieces of functionality in Denali that allow you to promote a self-service model in PowerPivot (v1 or v2) to a tabular model. One is import from PowerPivot, where you create a new tabular modeling project from a pre-existing PowerPivot workbook. Another is restore from PowerPivot (pretend this documentation exists, it will get there eventually), where you can restore a PowerPivot workbook in SSMS in exactly the same way as any other Analysis Services backup. The restore puts the metadata and the data on the VertiPaq server.