This is an early preview, and load / save is temporarily disabled. Creating basic objects works fine, and you can load textures and extrusions onto them. The animation system should work reasonably well (but has some minor bugs). The scripting system should work reasonably well, also.
The intent is to release this free and open-source. It needs some cleanup before that happens, though.
This is not intended to replace existing 3D modeling / animation programs, but to work with them. This is more of a high-level, scene- and world-builder, whereas Sketchup is great for creating buildings, Maya is great for character animation, etc. This is more like a X3D / SMIL animator, which loads and embeds things created by Sketchup, Maya, etc.
But more than anything, this is focused on education. This program is free and does not require any installation at all - you simply need Flash Player 10 - making it easily accessible in the developing world. It can be tied relatively-easily to content management systems like Drupal and Moodle. It can be arranged to run on anything from a cell phone to a PlayStation 3... or your computer. And with wide accessibility comes wide distributability. Making it a functional platform to take education to the developing world.