JavaScript 1.8 - SpiderMonkey - 118 chars
N=readline()
function f(n,c)n>0?(c||' ')+f(n-1,c):''
for(i=0;i<N*6;i++)print(f(i)+f(N-i/6,f(11-(z=i%6*2),'*')+f(z+1)))
w/ bonus - 151 chars
N=readline()
function f(n,c)n>0?(c||' ')+f(n-1,c):''
function l(i)print(f(i)+f(N-i/6,f(11-(z=i%6*2),'*')+f(z+1)))
for(i=0;i<N*6;i++)l(i)
for(;i--;)l(i)
Usage: js thisfile.js
JavaScript - In Browser - 154 characters
N=prompt()
function f(n,c){return n>0?(c||' ')+f(n-1,c):''}
s='<pre>'
for(i=0;i<N*6;i++)s+=f(i)+f(N-i/6,f(11-(z=i%6*2),'*')+f(z+1))+'\n'
document.write(s)
The non-obfuscated version (before optimizations by gnarf):
var N = prompt();
var S = ' ';
function fill(c, n) {
for (ret=''; n--;)
ret += c;
return ret;
}
var str = '<pre>';
for (i=0; i<N*6; i++) {
str += fill(S, i);
for (j=0; j<N-i/6; j++)
str += fill('*', 11-i%6*2) + fill(S, i%6*2+1);
str += '\n';
}
document.write(str);
Here's a different algorithm that uses replace() to go from one line to the next of each line of a triangle row:
161 characters
N=readline()
function f(n,c){return n>0?(c||' ')+f(n-1,c):''}l=0
for(i=N;i>0;){r=f(i--,f(11,'*')+' ');for(j=6;j--;){print(f(l++)+r)
r=r.replace(/\*\* /g,' ')}}