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Installation procedure: Run the "i-model plugin for Revit. msi" installer Click "Next"
Accept the End-User License Agreement and click "Next"
For the required Revit Plugin files accept or change the installation path and click "Next". This will then display the Revit installations detected by the installer.
Expand the "Select Revit installations" item so see which Revit products the installer has detected.
You can now chose for which ones you want the Revit Plugin to be configure. When you have made your choices click "Install" to begin the installation.
Click "Finish" to complete the installation.
When you complete the installation of the Revit Plugin, you will see a new menu available within the Revit product. Under the Add-ins menu item, Publish to i-model tool lets you save a Revit model to an i-model file from within the Revit application. This is a one step process which does not require MicroStation or MicroStation license on the machine on which the plug-in is installed for Revit Architecture!
The plugin works with 2008, 2009, and 2010 versions of the Revit products including Architecture, MEP, and Structure and includes support for the 64-bit versions
See also http://communities.bentley.com/products/building/building_analysis___design/w/building_analysis_and_design__wiki/imodel-plugin-for-revit-overview.aspx