B3D vs Torque: Development time?

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Torque is an entire "game engine", from graphics and physics, to sound and game logic. Torque is "programmed" by using a scripting language with strong similariites to C/C++. 99.9% of all game coding is through scripting. Scripts are simple text files that are compiled at run time. If you need additional functionality not provided by the engine, you can, if you're a licensed user, change the source code. (You get all the source when you buy and register). It can be compiled and run on OS X, PC and Linux platforms.
Torque has primarily been used as an FPS engine, but recently an add-on package for doing RPGs has been announced. There is also support for shaders currently in beta.
I own a TGE license and am currently programming a "space sim" FPS (ala Wing Commander). The engine is awesome but not without a few quirks. (There are no perfect game engines)
I agree with Halo:
For a simple shooter game, use Blitz. If you need an engine, use Torque


Be prepared to spend some time learning Torque if you go that way. The learning curve is a bit vertical...