Im a collector of tools
Here is a rating system of what I have and what I think.
DeleD - 4/5 - Great for low poly models, easy to use, very forgiving
Blender - 3/5 - Great program, but crap interface, but get past that and it can become a 4.5/5
Anim8or - 4/5 - Nice program, free, easy to use
True Space - 5/5 - not bad price (free to several hundred depending on version), powerful, interface is a bit weird at first, but over all fantastic for all forms of game development
Game Space - 5/5 - See True Space, worth every penny, this is IMO the best game modeling software out there, I use it to make models for DBPRO, BB3D, Torque, and A6
Wings 3D - 3/5 - Free, and very very easy to use to make models.
Milkshape 3D - 2/5 - Im not a fan of this, I know alot of others are, but the program is powerful if you can use it. I find it to be hard to use, and never got a hang of it, $25.00
DOGA - 3/5 - Free - $30.00, Good program, but not for organics, but is really easy to use.
Cartography Shop - 3/5 - Cheap ($50.00?), good program to quickly build buildings, You can build levels with it, and for dungeons and other indoor levels, I find it really easy to build. But lacking in some areas, but for hte price its great.
Light Ray 3D - 4/5 Cheap (cant remember price), great program, fairly easy to use, and you can do some great things with it, but lacking in small areas
Quill 3D - 3/5 - $60 or so, but what a horrible interface, but can do some great models once you get past it.
Map Builder - 1/5 - Stay Away, its lacking.
3D Canvas - 3/5 Free to $60.00 - powerful, lacking in decent docs, and UI, but if you get hte hang of it, WOW, it can do some amazing things.
Maya - 5/5 - Expensive - Powerful, easy to use, and you can do some amazing things in it, professional game dev tool
3DSMAX - 5/5 - Expensive - Powerful, easy to use, and powerful enough to produce some of the most beautiful models, and scenes in gaming.
Cinema 4D - 5/5 - Not to bad in Price ($1000.00) powerful, SUPER easy to use, and can do models that are on par to Maya/3DSMAX and is so easy to use you can quickly pick it up. I compare it to Wings for how easy it is to use
Rhino 3D - 4/5 - $500? nice program, but lacking in certain areas, but great for modeling, only used it some, but found it easy to use, and powerful enough to do some impressive things.
GMAX - Great for doing mods, free, and easy to use, comparable to 3dsmax for power but limited in what you can use it for. Nothing commercial, and only mods, but I do know of modelers who use it for their portfolio.
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Final word,
If your a indi game developer, get gamespace, dont mess around with other programs, you can do everything quickly and easy in it. If you do have some extra cash, you can go with 3DSMAX/Maya, but GameSpace is great and a very viable alternative.
Great thing about GameSpace is it works with Torque, A5/A6, DBPRO, and BB3D very easily. There are video tutorials on how to use it, and a very good community.
If I was starting out as a modeler or learning how, I would use gameSpace, or with the extra $$, Max or Maya.