Here is a link that talks about the current state of the TorqueX 3D editor
http://www.garagegames.com/blogs/44338/14793

And here is an older video that was demonstrated at GDC 2008 of the editor
http://www.vimeo.com/778087?pg=embed&sec=778087

Essentially what the builder does is to look at your project and show all your content. It then lets you create a level that you can add terrain, skybox, objects, particle effects, ... by creating objects that are bolted together with various components supplied by GarageGames and your own custom code. Once complete you save out the level and then load it in your game.

Unfortunately, creating 3D games will always be difficult but this looks like it will take some of the burden off.

Blade3D takes a slightly different approach. That is avoiding game studio. Essentially the end result is your game hosted in a runtime shell along with any components you have written. This means you don't really have to compile your entire game, just your own components. Once you have written your own components, you  simply drop them into the Blade3D directory and it will automatically consume them. The result is a modular system with all the major building blocks, yet still extensible enough to easily integrate your own functionality.