www.planeshift.it
Free
In Alpha stages (pre-alpha?)
3D engine, 1st person perspective.
Free to play (no combat until next release version, but you can create a character ti explore for now)
They state it will always be a free game as it's part of the GPL (yeah I think that's the letters I was lookign for...)
Anyway, it looks promising as free games go. The models are kinda ugly in my opinion, but for a pre-alpha release it's not too shabby. Keep your eyes on it.