The article by George Lippert on Renderosity (http://www.renderosity.com/news.php?viewStory=13604) talks about the space in which Blink3D operates and some of the initiatives in the realtime 3D world area. The fact that IBM is throwing $100Million at the area is testament to that. Pelican Corssing's Blink3D (http://www.pelicancrossing.com/ProductBlink3D.htm) is in many respects alot like Second Life, but this time has a web-centric approach. Rather than a virtual world, it has a world built into the web instead which is explored via links and through the browser (with plugin or actually using the offline player).
It doesnt say where the 3D engine comes from, but it does sport the PhysX engine which is nifty. It has a builder application (limited as it is - no orthographic view - silly) but supports importing via various methods from a handful of other applications like the Mayas and Maxs of the world.
[screenshots of Blink3D in action from their website]
The idea of having a 3D world intertwined with the web via the browser is a good one. It could allow a regular web visitor to click on a link whereby they end up in a 3D world where hopefully they then click on an 'in world' link to another 3D area and again on another link which takes them back out to the regular web to continue their browsing. I am not actually sure if it would work this well but the idea is sound.
This new logic is also nice for us to deliver a 3D experience without the unpleasant side that a world like SL brings - all the users see is the bit we want them to and then we can bind it together using the link-logic of the web. It also ties in better with search engines, archiving and other internet tools like forums, blogs and wikis.