I tried the File>Import routine, and it did import the sequence file previously created on Powertracks Pro into Real Band. There were, however, some problems. The tempo of the imported song went from 80 to 120, and the MIDI track no longer synched up with the audio track. I have nearly 250 sequence files previously created with Powertracks - some with lots of MIDI and Audio tracks, so this may not be a good option for me.
I did find a sequence file previously created on Powertracks that did load with no trouble into Real Band. Now I am trying to figure out what is different about this file. all of the files are recorded at 16 Bits 44.1 Khz, and they appear to have the same audio and MIDI setup preferences.I have not used any FX other than the PG Music features that are auto loaded when you select "Male Vocal" or "Guitar" etc. I believe these same PG Music features are available it both Powertracks and Real Band.