As of this (updated) writing, a working setup is the following:
- Eclipse 3.8 (Eclipse Indigo update site)
- EGit 1.3.0 (Eclipse Indigo update site)
- m2e 1.0.200 (Eclipse Indigo update site)
- m2e-egit 0.14.0 (m2e marketplace when adding a connector)
Tested on Ubuntu Raring.
You can certainly "Import" -> "Maven" -> "Check out Maven Projects from SCM", and this is the quickest way. However, such direct import currently does not give you control over the cloned repository folder name. You may be better off working from the "Git Repository" View and perform either a "Clone from a Git Repository and add the clone to this view", followed by an "Import Maven Projects" from such clone; the longest way would be to do your manual cloning and then "Add an existing local Git Repository to this view", followed again by an "Import Maven Projects". Either case you have full control on the cloned folder.
A final comment on a side issue that made me cry in frustration. As far as I know, if the cloned repository lies on the root of your Eclipse workspace, and your Maven project file hierarchy has a POM on its root, then importing such root project will rename the cloned folder (with the template you chose, defaults to [artifactId]). Without changing your project structure and without keeping files outside your workspace, you can easily work around this issue by cloning on a subsubfolder of the workspace folder.