i've been there, It is still very basic. But building is amazingly easy. Importing mesh goes very smootthly. No costs at all.
UV mapping , heightmap , scripting, rigging, very nice physics, animations . All is possible. Not only imports collada but also obj. Could be a real challenge for SL in the future because it dont need any downloads/installing. Just loads in the browser (Chrome) . Looks like AMD graphic card does not support it though.
For people who have a hard time entering testgrids in SL this could be a good alternative.
IMHO second life is still far superior and interesting , but Lindens watch this one and hurry up to stay ahead !!