The lightwave renderer is terrible. Get a grip.
As far as i'm aware it uses per-face radiosity (such as lightscape) to do its Physically correct lighting. This is slow as hell plus the mesh you use has to be very tight indeed.
As far as learning curve goes..maybe ill write a review article or something
Lightwave-

of people like it, I hate its' guts.
Reasons for this are;
Its in two parts..i dont like having to switch applications to animate my models.
It has a slow renderer, plus the results look quite samey.
I hate the interface..i loaded it up for about 2 minutes, looked at it then shut it down..never used it since.
Maya;
Damn hi end package and is scriptable and moddable to buggery and back.
Downers -Subdivision Surfaces sucks
Renderer sucks (BADLY)
Cant make sense of NLA system (trax)
Interface is stringy
Needs PRman and a team of TDs
Uppers -Sublime NURBS
Hypershade is powerful once you work it out (never for me

Good dynamics and V.good particles
Very stable
Rapid OpenGL performance
TrueSpace
You can get good results from it but dont compare a grape to an orange..its designed for a different user base to the hi-end apps.
Blender
See above..even though the feature list looks impressive
3Dsmax
This is my program of choice simply because ive been using it for 4 years.
Uppers - Excellent polymodeller
Easy to use materials editor
Fast Scanline renderer
Plugin Extensibility
MAX is fast, beleive it or not.
Good bones system in R4
Downers -Decent GI/radiosity renderers cost a packet
Scanline renderer stands still on huge geometry counts (500,000+)
Poor NURBS support
Interface *looking* long in the tooth - its still very intuitive to use, however.
Softimage XSI
This is what i *WANT* to use, even though its very hard to learn
Uppers - Brilliant rendering (99.9% of the features in mentalray are completely integrated with XSI)
Excellent polymodeller (better than MAX imo)
Most sophisticated animation available (IK/FK mixing, best NLA system on the market, excellent envelopes editing etc.)
Looks damned smooth
Can script in ANY language (VBA, C++, java!)
Sublime Subdivision Surfs (*any* poly object can also be a subdee!)
Downers -Should have come out 18 months ago
Particles buggy (occasionally)
Slower than Soft|3D
NURBS could be better
Needs Fur
Rendertree (material editor) VERY hard to get your head around
Texture projections hard to use
You need to do a workshop or a softimage XSI training course to work out how to use the damned thing (there goes my student loan for the summer..)
I hope this clears some stuff up.
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Remember, when someone annoys you it takes 42 muscles in your face to frown, but it only takes 4 muscles to extend your arm and ***** slap them upside the head.