Ok, when you import a character file (BG2 Char file) into BG2 ie, when starting a new game with an exported BG2 character, there is a screen that say something like "your character will lose any items that were in any containers such as gem bags and scroll cases that he/she were carrying" - i'm sure of this.
Therefore, if importing a party into the ToB expansion, will you lose your items that were in gembags, scroll cases and most importantly, bags of holding?

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http://angelfire.com/rpg/castletainly/gifs/xnoni.gif
Bristowe, Master Assassin

Hmmm...I think they changed it so that you could import bags of holding and whatnot, but I don't know about the stuff INSIDE the containers...

You will be able to, it acts as a shop, and you cannot re-import the same shop. In TOB however, you will not get another, or if you do it will be a different shop. You get a BoHold on creation of a new ToB game.