Meshlab: http://meshlab.sourceforge.net/ Someone recommended this over in technical forums and it can basically be used as a free version of Polycruncher. I.e. generate lowpoly models from hipoly ones. It probably has a lot of other functions I don't know about.
I still like milkshape very much, because it's an easy app to learn and suitable for lowpoly modelling. If you want to port something to an old game, it still has important plugins. I also like wings 3d, but I still need to learn the interface. Milkshape (EUR 25 or USD 35) http://chumbalum.swissquake.ch/ Wings 3D…