I made this short list of Free 3D Applications for those not knowing where to start, and included a short description. Please post corrections/alternatives for the apps I left out, I'll update this list as new stuff pops up.
A much better resource can be found
here (Thx, BTAxis)
BlenderOpen-source, A bit tough to get into, quite powerful.
Wings3DOpen-source, **Dunno, haven't used it**
GMaxFree, Based on 3D Studio Max, easy to learn, powerful
XSI|Mod ToolFree, Based on Softimage|XSI, a little tough to get into, powerful
Autodesk Maya PLEFree, Based on Autodesk Maya 8.5, a little tough to get into, powerful
Personally I'm a Max and XSI fan ... but I'm starting to lean more towards XSI.
I hope this helps someone out there
Laters.