That's exactly what I'm using it for, in fact... making high-res models to generate normal maps from for low-poly models.
I make a low poly model. Then I make a copy of it, divide it, add displacement maps and other details until I'm happy with it. The I use the high-poly model to make a normal map that will fit the low-poly model I started from.
Here's the link to the AC3D exporter to get your models to ATI's NormalMapper utility:
http://www.independentdeveloper.com/...l-map-exporter
If you don't like NormalMapper, Nvidia's Melody would be another alternative. Melody supposedly has some auto-reduction if you don't have a low-poly cage to start from, although I've had trouble getting Melody to work which is why I use ATI's tool.