Looks kinda cool, reminds me of METAL, but it seems far more powerful as it has some pretty nifty built in functionality like A* path finding and basic OOP commands. Its also cross platform but I think the IDE only runs on Windows. There is someone doing a third-party Mac IDE though. If you buy the upgrade you get the ability to compile to iPhone and a simple OpenGL based graphics engine.
I came across it while looking for an open source 3d engine and I figured someone here might find it useful.
http://www.glbasic.com/