Started this earlier this week, getting some nice results. Know the format mostly, now just working out what vertices make up what polygons (hence why GL_Points primitives only currently shows truly legible data, and why the wireframe shots look somewhat screwed).
Models are very low res, so you can only vaguely make out Jabu Jabu from this shot (top down view). Heheh.
This space will be updated as I make progress..
edit: if you're wondering how you'll be getting model files from the ROM, that will be explained at release time (of which will include the source code). It will support Majora's Mask and Ocarina of Time model files .
The purpose of the application is to load models which are not linked to the game in one way or another, IE, can't be loaded ingame.
Latest release is 0.83.