Hi All
A couple of notes here...
This issue is commonly caused by incorrect use of a texture in a material (e.g. if you add a texture to a slot other than 'diffuse', 'normal' or or 'reflection' in the material editor), or by using an incorrect material name (e.g. not using the .m.tbumptex, or similar, material name suffix when you have a bump map applied).
The 'strip textures' function in PM2IM simply removes these incorrect textures (aka, the textures in the wrong slot, or textures not needed by that material type) within the material. It did not provide any method of re-texturing the model or similar, it simply strips the textures that cause it to become faulty.
As to the removal of the function, you'll need to ask PEV about this.
For the content, we may look into the 'legacy' content (built-in from TS2009/2010 essentially) in future, possibly as part of a future 'pass' of the DLS clean up system. However we do not have an ETA on when this might occur.
Regards