My knowledge of Feature Based Translators is limited, however from what I have seen of them they will not give you a result that is the equivalent of modelling the part in the receiving system.
The translator does attempt to rebuild each feature in the history of the model, but each time there is not an identical function in the sending and receiving systems it will Orphan the Surfaces for that Feature, so you end up with a tree of Orphans all Booleaned together.
When sold as a Bureau Service I've found Feature Based translations to work out rather similar in cost to remodelling the component in the required system. And afer asking a few questions I realised that that is just about what has to happen. Each time the translator hits a non-compatible Feature the user is given the option to manually re-model it, or except and Orhpan Feature.
With regards Parasolids in I-DEAS, I-DEAS11 does contain parasolid code to facillitate the Importing/Opening of Native UG/NX data, but it's outside the control of the user, only being used for UG/NX data and not any other format, so could not be used for Solidworks Data. This should not be confused with the ParasolidXT Translator that reads Parasolid Neutral files of the type ".x*_*" which would Import an Orphan Solid/Surface just like any other Neutral file format such as STEP.