Personally, I'd stay away from that approach; real scale can be made to work to some degree in applications with loosely defined texturing systems, but it is going to fight with applications like SketchUp. Personally, I'd have removed it from the system long ago. Let's just walk through it:
Say that you have this 3m texture; naturally, you will set its size at 3m in SketchUp. So far so good, because SketchUp will create a 3m texture space, and show you the texture tiled precisely one time in that space, yielding a real tile size of 3m in your model. Perfect, you think, until you export and find your texture rendered 3x larger than expected. Why did that happen? Because your real scale MXM tells Maxwell to render each tile at 3x the size of UV space, which it expects to have been normalized at 1m, rather than the 3m which is required to show it at that size in SketchUp.
How can the plugin help you resolve this conceptual incompatibility? There are really only two ways: (a) it could force all of your MXM tile values to 1.0, so that they fit into SketchUp's UVs the way that SketchUp is showing them, or (b) it could rewrite all your SketchUp UVs during export. The problem with (a) is that maybe you really did want some texture squished down a hundred times to create a directional scratch pattern; the plugin just wrecked your material. The problem with (b) is that you are visually controlling the positioning of your UVs in SketchUp; when the plugin rewrites them, how should they be positioned? With the UVs rewritten, your render will never match your viewport.
So just so I understand, for my image that represents .7m x .7m of concrete I'd set the material up in Meters mode for all the maps, no problem. Then in SU I'd set the size to .7m x .7m?
No, in SketchUp, you'd need to set the size to 1m. If the texture represented 10m and was set up for real scale in your MXM (i.e. meters mode, repeat values of 10.0), you'd still set the size to 1m in SketchUp. Because regardless whether a texture uses real scale or not, it still operates relative to UV space, and that space must be 1m for the real scale math to work as expected.
There exists a purely op-in workflow here which loosely follows option (b) above: you can use the plugin's UV Overrides with a UV Override Size of 1.0 set in plugin Options. You will not have control over how the textures are positioned, but they will work with real scale MXMs, since you'll be telling the plugin to write 1m UVs (naturally, this only makes sense for planar/cubic projections), regardless of what SketchUp is currently using to show you the texture.
That's what I can tell you about SketchUp -- I hope I've written it clearly. Unfortunately, I have no idea how texturing in 3dsmax works, so I can't really say much about what might be a good workflow there.