3DStuido or SG/ALIAS
I highly suggest that you make a list of features that you absolutely
will need, and see which package will best fulfill that list.
Remember that 3D capable SGI's run from $18,000 (in U.S.) up to
$$$millions. And the software is damned expensive, too.
If you are creating PC or "game box" games I can hardly imagine
needing the capabilities that Alias or Wavefront have over 3D Studio,
and with R3 that gap is closing VERY fast. With the new IPAS
interface all those goodies like dynamics, kinematics, and more
sophisticated morphing will be possible.
If you need NURBS, spline based modelling, then Alias may be your best
bet (I've only played with it a little, so I'm also going on other
people's comments).
A PC based 3DS solution will run under $25,000, including multiple
rendering machines, software, and recording equipment (probably not
important for games work). I know, because I did it.
A company that I deal with has multiple SGI's, and one of their Iris
stations equipped with Wavefront (including dynamics module) ran them
in excess of $60,000 and that includes just the computer and one
software package.