Parsing XML documents with LXML
The code isn't actually doing much, there's little to review to be honest, it's not looking complicated for what it is.  Of course don't just have everything in a couple of loops, perhaps have some handlers to dispatch on the tags or so (handlers[child.tag](child) ...).

I suppose if you wanted a relatively quick way to write the importer code, consider XPath.  If you wanted quick processing (by not building up the full DOM in memory), consider using a SAX handler.

Finally, there might be a library to automatically map the XML to a class structure, or even parse it directly into dict instances or something, if you prefer that, but I don't any off the top of my hat.