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...This allows for .png to .xnb and more.
Full list of supported filetypes:
Graphics Files: *.bmp;*.dds;*.dib;*.hdr;*.jpg;*.pfm;*.png;*.ppm;*.tga
Autodesk FBX Files: *.fbx
Effects Files: *.fx
SpriteFont Files: *.spritefont
X Files: *.x
XNA XML Files: *.xml
Audio Files: *.mp3;*.wav;*.wma
Video Files: *.wmv
Support for some filetypes may be incomplete, graphics filetypes should all be fine. If there's an issue with converting a certain filetype, please let me know!