Great progress you're making there, this looks extremely promising.
From what I've seen so far, this seems exactly what the market is missing: A modern, powerful yet lightweight alternative both to open source graphics libraries like Irrlicht and Ogre3D as well as to expensive and/or inflexible, rigid packages like Unity, UDK and, well, Acknex.
Looking forward to weekly updates, and I'd totally love it if these would get quite technical.

(btw, the sentence "The techdemo however will require a level editor, which is also something we are working." lacks an "on" at the end, just mentioning it because it really stands out regarding the otherwise extremely enjoyable writing style :))