This paper presents the main results of the French project PRECOND which aimed at evaluating the technical & economical viability of fast pyrolysis as biomass preconditioning route for the following utilizations: gasification and FT-synthesis into synthetic transport bio-fuels; petroleum co-refining into transport bio-fuels; combustion for CHP. First, the expected bio-oil specifications have been assessed according to the utilization. A bench scale fluidized bed, identified as the reference technology, was constructed and operated on different biomasses. The methods for physicochemical characterization of bio-oils were characterized were evaluated, as well as their stability and rheological behaviour. Besides, a new model of the reactor was set-up, resulting in good predictions of the experimental mass balances. Finally, a techno-economical assessment of the whole preconditioning route has led to evaluation of bio-oil production costs and the consequence on the utilizations considered.