The Irrlicht Engine is an open source high performance realtime 3D engine written and usable in C++ and also available for .NET languages. It is completely cross-platform, using D3D, OpenGL and its own software renderer, and has all of the state-of-the-art features which can be found in commercial 3d engines.
October through November Indie Game 2010 Releases.
Here are some features of the materials and shaders and the supported formats for textures and meshes.
Those are the main features of the special effects.
Here are the main features that Irrlicht engine has.