It still needs a LOT of work, but in its basic form, its working. I need to add texturing, smoothing, LOD, and much much more. I'm planning to combine this with a BSP format also, which I'm still working out the details of.
The next half of my dilemma is a model format. I have a very basic (again) static mesh rendering function in place that uses Wavefront OBJ files. I have been researching the MD# model formats and have found them to be interesting at the least. I haven't had much time to spend in this area yet to do much research, so this will probably be my next focus. I'm still not sure which format is going to win out in the end, or if I'm going to end up rolling my own. I'll have to experiment with a few and see what works out best for what I need. The only things I know for sure so far is that I will need a skeletally animated format.
I still need to finish implementing lighting into the engine. I may start implementing shaders for some more advanced detailing as I start to get more features up and running.
I have managed to obtain the Ageia PhysX physics SDK. This will probably take up some of my model researching time to make sure that I pick a format, adapt one, or roll my own that will easily work with the physics code. Many more things to come still... I'm kind of flying by the seat of my pants at the moment, experimenting with all kinds of things, but hopefully I can bring some sane order to it once I'm done playing with things and lock down a solid design and implement it.