Probably stating the obvious one here but Autodesk dish out free educational licences for 3d Studio Max and Maya if you’re after a more feature rich solution, all you have to do is register on their site.
Another shout-out for Blender. Pre 2.5, I wouldn’t have recommended it to anyone, mainly due to the non-standard interface (big headache). But the program took a huge leap forward with the release of 2.5.
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