This pretty much sums it up (from the FAQ):
"Basically you have to think to ManuelBastioniLAB as a separate software, designed to work on one character at time, in order to create the geometry, the rigging, the texture, the clothes and then export it in your folder of characters, ready to be appended in your future final 3d scenes."
not sure if it includes clothes or not yet. But it has a feature that "rigs" clothes.
I'd love to be able to replace MakeHuman. Only thing is, my Blender skills are limited
Just looking over the docs, this thing totally blows the doors off of Make Human. i mean, just look at this...
Phenotypes
A "phenotype" define merely the physical appearance of a class of characters, it is not related to politics, culture, language and history. It's used to describe the variations of human traits in relation to the evolution in a specific geographical area.
ManuelbastioniLAB supports the most of common human phenotypes to the extent of volumetric modelling features: some important components of phenotypes, skin colour and hair features, are not implemented yet, for this reason in some cases the differences can not be so noticeable.
The phenotypes are labelled using the geographic location where each phenotype is statistically more diffused.
The available phenotypes depend by the base character selected: Afro phenotypes, Asian phenotypes and Caucasian phenotypes.
As for using it with blender, it seems you can do all the work in B-lab, then convert it into a regular blender mesh, then save and export to maya or whatever you like. You don't really have to use blender at all. The process is easy enough i could write down the steps for you. So the clothing is the only real question mark left. Other than that, this looks to be the perfect tool. Of course, the proof is in the pudding. Have to wait and see what it can generate.
and best of all,you can use the models in your games: CC-BY 4.0 license.
And all this from just one guy apparently - amazing! wonder who he is? CG artist? University Professor? Gamedev? all three? The name and some of the language in the docs suggests Italy. The software also seems to have a basis in both art and anatomy, not just anatomy. In some places it alludes to using artistic rater than anatomical algos for some things.
Seems to be a VERY well researched and high quality tool. If its close to as good as it looks, Mr Bastioni is an absolute Saint for releasing it.
Youtube video of B-Lab...