I have used Lightwave, Maya, 3DS, and Truespace over the last 9 years. Here are my thoughts (in the order I used them):
Truespace: sux. Don’t even bother with this.
Lightwave: If you have the money for this, get it. Especially if you are running a Unix box built especially for it. The newest engine spits out amazing renders, even without all the crazy options turned on. The disadvantages are that it is not at all easy to learn to use, and last I checked, the animator and modeller were separate entities, which might be strange for some.
3DS: I used 3DS the most because of its not-too-steep learning curve. It’s very user-friendly, with a lot of scripts and plugins available for download all over the web. The render engine needs a little tweaking to get looking good (though you can always use a render plugin, or render outside of 3DS – Brazil seems to be very popular). Advantages to using it are obviously the immense support and resources available, its ability to run on a non-NT based Win box, and the price isn’t too bad.
Maya: I just started using Maya with version 4.0 a few months ago. I really like the interface. It’s not as cluttered as 3DS so you get a lot more workspace, and the menus are available under your mouse at the press of a single key which really streamlines your workflow. I’m still working with modelling and texturing right now, so I haven’t explored the renderer much so I can’t comment on it. Overall, however, I must say I like Maya’s modelling and texturing much more than 3DS’s. The disadvantage with Maya used to be that it requires the NT file system if you’re running a Win box, but since getting WinXP, I did away with my Win2k/Win98 dual boot (which was annoying at best).
So, overall, I love Maya (plus, the makers of Maya, Alias|Wavefront, is a Toronto-based co. :)). Lightwave is really powerful, but other packages are quickly catching up. If you want a place to start (after you understand the basics of 3D design), I would jump into Maya.
On a side note, I hear Softimage is akin to Maya, which might be another option.
rant.stop();
-Al