It requires a lot of steps to go through if you want to import the data in Dynamics CRM Online Update 1.
Currently, you must first 1. export the data in Excel 2. save the data in csv file 3. open the saved data in Memo pad 4. Save as file name and change the code to UTF-8 (otherwise you get the garbled texts!!) 5. then finally, you can import the data into Dynamics CRM Online
It would be a lot easier if users can import the data in xlsx file.