Looks like PV3D my have a friend to play with. It does not look like this will be public engine as they seem to trying to make a Flash Player based MMORPG(Massivly Multiplayer Online Role Playing Game) with it. But it looks very good.
check the examples:
http://blog.alternativagame.com/ru/files/2007/10/3denginedemo_en.swf
http://blog.alternativagame.com/ru/files/2007/10/goldenelephants.swf