A-Pose differs and twist-bones are missing. But If you use your own animations you should be fine.
Just made a quick test:
makehuman-unstable-20150827-win32.zip:
Exported mesh with “Game engine” skeleton (and a pretty impressive hat) from MH as dae (edit: export size should be centimeter).
Blender 2.75a: Imported into blender 2.75a (scene settings metric and scaled 0.01) and made a test anim:
Blender 2.75a: Exported with this settings twice (test_guy.fbx and test_guy_anim.fbx) - Edit: Z up - Y forward seems to fit better for UE4 (even if it seems to work with default settings as well)
UE4 4.8.3: Imported test_guy.fbx and disabled “Import animations”
UE4 4.8.3: Imported test_guy_anim.fbx and enabled “Import animations” but disabled import mesh. Choosed test_guy_Skeleton as skeleton.
Anim working:
Did some retargetting of free Anim Starter Pack:
Opened retargeting manager in Skeleton tab of persona and choosed “Humanoid” rig.
Clicked on “Show advanced options” back in Skeleton tab of persona (at skeleton tree).
Right clicked on “test” on top in skeleton tree and choosed “Recursively Set Translation Retargeting to Skeleton” (so all bones are Skeleton at Translation Retargeting now)
Changed “root” bone via pulldown in skeleton tree back to “Animation”
Changed “pelvis” bone via pulldown in skeleton tree to “Animation scaled”
Choosed some animation of the free anims of the Animation Starter Pack named: Walk_Fwd_Rifle_Ironsights and retargeted it via right mouse click (if you don’t see any skeleton to retarget you have to set the UE4 mannequin skeleton in retarget manager to humanoid as well first)
Got this:
As expected the arms does not match 100% and fingers are turned a bit strange (this is caused by the different A-Pose). The left lowerarm could be twisted a bit better if there would be a twist bone. It’s not that bad at all. I’ve seen worse already - but if you would tweak it you have to change the A-Pose and save it in retarget manager or change it in blender and save as rest pose to look more like the A-Pose of the UE4 mannequin. This would fix arm and fingers. And add some twist bones and repaint the weighting at least for upperarm and lowerarm. This would fix the missing twist at left arm.