There is a cool new 3d viewer being developed called TNGViewer. It also has a web component so you can view presentations in a web browser with a free TNGPlayer Plugin.
The stand alone application is so much fun and great for client presentations etc...you can even export movies of your objects.
The cool thing is it can open Lightwave object and scene files as well other formats like FBX, 3DS, OBJ, check the website for full details...go now :)
You may have problems with scenes made in Lightwave 9.6...I couldn't get one to load but objects work great.
PS. This issue is being looked into...these guys are great!!