I have tested the Feature Recognition module already in Inventor 11. This add-on module allows to automatically recognize modelling features in imported dumb 3D solids. If you read in a STEP model, Feature Recognition tries to detect holes, fillets, extrudes and other geometric features. In an ideal case you will end up with an intelligent, feature-based 3D model.
The latest Feature Recognition module for Inventor 11 and 2008 can be downloaded from the Autodesk Labs site.