I started into it, but eventually decided it was much lower priority (if needed at all) as no-one is really asking for it, and currently most modders already know and use g3d.
To be fair, I don't think a new model format alone is *that* exciting. But some of the potential features that could arise from such a format could be very interesting. A bone-based model would make ragdolls a possibility (highly advanced, but could make for some very interesting animations). Rotating turrets have been a feature request since time eternal. They don't *need* a new format, but I think the separation of meshes and animations would be helpful here.
One indirect advantage would be the improved converter support. We wouldn't have to maintain any tools ourselves (I think?).
A side note that the old link in the first post has broken. Here's a current link:
http://sauerbraten.org/iqm/But anyway, I agree with Softcoder, the priority isn't that high compared to a number of other features.
