Irrlicht is an an open source 3D rendering engine based on OpenGL and Direct3D.
This new version brings the following changes:
* Vertex Buffer Objects, i.e. storing meshes on the GPU
* Joystick support on all platforms
* Added support for collada 1.4 and LWO files
* 32bit indices for large meshes
* Added an .obj writer
* Improved software rasterizer (burning video)
* Improvements for dynamic lights, particle systems, LMTS, PNG and PCX loading and writing
* Added FSAA for OpenGL
* OGRE .mesh loader improvments
* Nicer and faster terrain rendering
* Volume lights
* Various improvements for the WindowsCE port
* Shared depth buffers for RTT in D3D
* Added a font creation tool for Linux
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Anyone looking to compare Irrlicht to other popular 3D engines like Crystal Space and Ogre should check out http://www.squidoo.com/3D-engine-tutorials
Thanks for the link Matt!