Yup, it is... I've done a demo video of using it more than a year ago; see
http://www.youtube.com/watch?v=sUgkCob63CE
The part that shows OCR'ing starts at 1:17. It's then that I start
SubRip (decompressed previously). At 1:22, via
File > Open VOB(s), I press the
Open Dir button and (slowly sorry for the speed, I use Windows emulation, which needs a bit of time to read the mapped directories from OS X) navigate to the VobSub file created in the previous step.
When I press OK, the OCR window is immediately displayed by SubRip and I start the OCR process. At first, SubRip asks me to train all the characters it doesn't recognize:
T, u, l, e, h, a, n, y, t, comma,
ä (clicked on the language-specific toolbar below the input field),
k, I, dot and so on.
Note that at 2:16, an error message is displayed (probably because I've selected the wrong subtitle track? Dunno. My other tests with the same input TS file resulted in correctly readable subtitles.) I (slowly) get rid of the error dialog and try continuing the OCR process only to find out the source is, for some reason, indeed messed up. After having realized this, I save the SRT file (at 2:43) and, finally, at 2:51, I quickly check out (in Total Commander) the contents of the just-created (and Subler-compliant) SRT file to show you it's indeed standard.