Blitz3D Object Format (B3D) has more information currently at
Blitz Research Online
it is the proprioty format for thier 3D programming language program called "BlitzBasic3D" ... and from what i can tell it is mostly used as an alternative to BSP Worlds, although it is a model format as well it has alot of features built into the Blitz Engine which really optimises its rendering.
This is how Marc Sibley the creator has been able to keep the speed of BlitzBasic3D practically on par with even the updated engine of DarkBASIC Professional 1.05.0 despite the fact of using the slower DirectX 7.0a APi
i'd suggest if you want to know more then follow the link i've provided, as people arn't too pleased to discuss Blitz here - oftenly because even the most civial conversations ends up with over zelous fans from both sides just getting into a "my products better than yours" argument.