A conversion of the geometry only, with no information about how it was created.
Neutral files (IGES, STEP, etc.) are dumb solids. They create boundary curves along
the edges, and boundary surfaces from all of the geometric features of the part
and translate only these geometric features. This type of translation results in
a solid model that is very difficult to modify. For example, if you need to change
the location of a hole, you cannot redefine it with the CAD system and move it to
a new location. You cant even erase the hole. Dumb solids are OK if what you need
is a 3D picture of the part. However, you will not be able to use the part as
the basis for a new design, or revise the design. Dumb solid files are
inadequate for real collaboration efforts because they dont provide true
interoperability between different CAD systems.