Hi all,
Here's another update:
The QBO now imports without crashing Quickbooks (Mac Desktop). However, it doesn't actually import anything even thought there is a lot of data that should be imported.
There are a few workarounds that have been suggested out there, i.e. editing some of the tags, and values in the QBO file. This might work for some situations, however, it is not a long-term sustainable solution.

QB team, when will this be fixed completely?