Exporting from SQL Server 2005 for import into ER Studio 9.0
I can't believe I didn't actually google the exact error message. There's a lesson to be learned there. Upon doing so, I learned that similar errors occur in other applications. The cause is non-ASCII codes. I was exporting from SQL in Unicode.

Here is the full solution:
In SQL:


Right-click on the desired db, choose Tasks > Generate Scripts
Select the desired database, next
Leave the default options (I've tried a few things, none worked), next
Select Tables only (I don't need anything except the tables, their fields, keys, and relationships)
Select all tables (or 4 tables, it doesn't matter)
Choose "Script to file", enter a file name
Under Save as: choose ANSI text (Unicode breaks the crap out of ER/Studio)
Finish


Then import into ER/Studio. My import has been running for 2 hours so far.

Next up, trying to figure out how to make an ordered list on this site. I'm so full of fail. :)