I needed to make some updates to one of the BAM Activities, so I opened up a blank Excel document and selected "Import XML..." The BAM Activities and Views load up just fine.
However, there was one big issue that I came across. Sadly, the PivotTable and RealTimeAggregation information did not get loaded. If I didn't take the time to review and compare my updates with the last version of the file (we use TFS as a code repository), I would have never known that I might have pushed an incomplete BAM process (compared to the previous version) into our database. See the new output below.
As another test, I decided to do an import and then a direct export without any modification. Sure enough, the RealTimeAggregation and PivotTableViews within the exported XML document were missing.
To correct this, I needed to do some reverse-engineering/trial and error with creating a new PivotTable within the Excel document and re-export the XML file out. Then I needed to compare the old XML with the new XML to make sure I had the PivotTables and Aggregations the same. At this point I decided to put the Excel document into source code as well... :)
Not sure if this is a bug, an oversight, or not the intent of the Import XML feature within Excel, but I would think that one could get 'mildly' burned if the source xlsx file isn't saved to your code repository.