Upcoming 3D engine for aspiring PSP developers [Update 1]

The original games in the homebrew market aren't too impressive graphically, but maybe that's because they've been stuck in two dimensions. LTEstudios has revealed a demo of their upcoming free 3D engine for PSP at their official site. It comes loaded with these features for you aspiring developers:

• Powerful and customizable 2D GUI

• Character animation system

• Particle effects

• Billboards

• Dynamic Lights

• Powerful 2D with alpha, blend, etc..

• Six image formats supported (.bmp, .png, .jpg, . pcx, .tga, .psd)

• Eight mesh formats supported (.md2, .bsp, .x, .3ds, .obj, .dmf, .dae, .ms3d)

• Fonts support

• Collision and physics integrated

• Powerful terrain system

Will this be a refreshing jolt in the homebrew community? I hope so, because I'd love to see some original games content created by PSP fans.

[Thanks, steve!]

[Update 1: The SDK has now been released!]