Looking at Game Engines, esp with their possible use for my grad project (and Collab Studio as well). Here is a short game using the Unity3D engine called Avert Fate. The Unity3D engine may not have the same luschious beauty as Unreal3 or particularly CryEngine2/3 but it can publish to the Windows, Mac, Web, Wii and iPhone no less and looks pretty good considering.
Back to Avert Fate, it is built to run on Windows and Mac and is pretty nice, though the environment is pretty simple. I do like the apparently simple link between 3ds Max and the engine and the ability to have lots of people experience the environment in real-time. Can the quality lure of the higher-end engines win the day for me...
In this recent article on Develop-online.net rating of the Top 10 Game Engines, Unity3D was listed 4th - though the playing field isnt level of course. Oh and here is Gaspedal's attempt at a nice Crysis-like island using Unity3D: Ultimate Island.
Anyhow, check out Avert Fate - it downloaded and installed in a jiffy.
[image from Avert Fate via their website]