Dragon slayer, I've been using MS3d for over 10years and for a low cost low polygon modelling program I cannot rate it higher, it has done everything that I have needed without going into really high poly stuff. Is it as good as Maya etc? Not a chance but it's like a fiat and a Ferrari, both cars are going to get you there, just one faster than the other.
With regards to it being updated in the future, I had spoke to Mete earlier this year and it didn't really look like Ms3d was going to make it to 2.0 (which it has been for around 10 years) as he was busy with work. The forums are bare and the site barely updated and with its downfall due to torrents etc the future doesn't look bright for it.
But all n all it's a great program
http://dai.moddb.com