After being inspired by WarHampsters SC3D I decided to try it in GM. And it went surprizingly well. In fact I should be able to post a finished version for you guys tomorrow. Now let me give you some info.
It allows importing of wire frame and other graphic files which will be rendered in engine.
Allows auto land creation (much like terragen).
Has a unified shader and lighting architecture.
Uses a vertex shader to get nice curves.
Support for water, fog and particle effects.
