So the 1.02 patch just hit Mass Effect 3, which promised to fix face import issues.
So does it? Well here's a comparison of the three femSheps I have, including custom colours and the like.
What can we take from this? Consider that the ME1 to ME2 process did not allow us to modify the character because the ME2 face creator's reliance on face codes didn't allow for variables between face code positions. ME2 to ME3 does. If one imports a Shepard from ME2 to ME3 then drags a slider from the imported to something then back, it ends up in the same variable.
In short, the faces you're getting are approximations. I don't think they're that bad, but approximations none the less. It is similar in principle to the YAML method in terms of the actual process but it also seems to provide a better representation, in my opinion.
However, a note on colours. Why don't these transfer? It makes me a little irate, since I can do this myself in 5 minutes using Gibbed and the process is a 1:1 relationship, unlike the facial structure, and I've even demonstrated it on numerous occasions. In short, why are there no natural red heads? Because that colour isn't being imported. You got blonde instead, because the ME3 creator only gives approximations.
Extremely short explanation; disappointed. But let's hear you! Have you got pictures you'd like to share? Was the process successful for you? Let me know!