With the ArcGIS Data Interoperability extension, ArcGIS for Desktop users can work with more than 100 standard spatial data formats.
ArcGIS Data Interoperability—Supported Formats [PDF] outlines the data format support.
The ability to directly read and use this format in ArcGIS for visualization, mapping, and analysis
The ability to import data from this format into a personal or file geodatabase using the Quick Import tool or a custom Spatial ETL tool
The ability to export data to this format using the Quick Export tool or a custom Spatial ETL tool