Sure, but Blender's functionality is far from XSI Foundation or 3ds max.

Don't dismiss an application just because it isn't as powerful. In experienced hands, even the simplest tools can create masterpieces. Look at Antares' Alien Queen (downloadable at Sixus1.com) if you don't believe me.

What's the deal with Maya's Personal Learning free version ... I don't care about the watermark as long as I can save the work I've done.

Oh, you can save your work. You just can't save it to any other usable format (.3ds, .obj, etc.).