[eluser]OverZealous[/eluser]
[quote author="chadbob" date="1258963948"]
How does the CSV extension handle has many relationships?[/quote]
The CSV extension is very basic. In short, it does not support relationships at all.
But you have the source. Feel free to augment it. Optionally, you could store the IDs of the related objects in a different field, then use that to save the item later.
If you are importing, you can use the callback:
Data: