I am looking for a somewhat detailed explanation of which 3D Engine for Actionscript3 is the most efficient, practical, scalable, documented, community supported, etc. When
the BEST one really is Alternativa3D, but you have to pay them for it. It's the only one that currently supports FP10 features, as we're still waiting on PapervisionX
I came up against this same issue a few months back. In the end, I went with Sandy3d. What did it for me is the amount of quality documentation and the really supportive community which really helped me get my project up and running.
http://www.flashsandy.org/blog/
Options for 3D in Flash boil down to Papervision3d, Away3D or Sandy 3d Engine. I find the first two to be the best, in terms of maturity, documentation and performance.
In case you're interested, on the blog of my company there is a series of posts comparing those 3D engines for Flash (in Spanish, although you can follow the examples and read the source code in English).
AFAIK, Away3D is a fork of Papervision3D. You might be interested in this comparison of their features. It seems to me that PV3D is faster, although this blog entry might be pretty outdated.
What I would like to know is which library will be the first to support the 3D related features of Flash 10. That would mean so much in performance...