Will there be import from the audio module?

Minqensan, that is the goal of this project, but I can't make any promises because I have not worked on that module (and this is open source). However, the maintainer, drewish, is my co-mentor for Google Summer of Code and I know that he's behind the stream wrapper initiative for Drupal 7. As such, it's very likely that support will come at some point in the future :-)

I would tentatively say yes. If the Stream Wrapper patch goes in as expected, then it's a no-brainer. Even if not, the Audio module is well-used enough that it'll get attention during the process. And if nothing goes as planned -- no stream wrappers, development on the media module abruptly ends, the Audio module has so many eyes on it that it's a safe bet regardless of what happens next.