Blender is a really nice project, I like his speed in many tasks, and can archive some or similar result to maya, softimage etc. The best “selling point” for blender is the simplicity in the approach, stability and you can doing an entire project without leave it (modelling, sculpt, texture 3d, unwrap, rendering, rigging, animation, composition etc.), so, for personal project you can forgot the import/export stress.
Modelling is a bit (10 years…) old, no ngons, but blender has many and great workaround for this, I suggest to you Blenderella character modelling tutorial, a real great tutorial done but a great artist, also, can check environment creation from CGMASTER. Ngon will appear in 2.63 release (I think around june). You can actually try the bmesh (ngon upgrade name in blender) checking www.graphicall.org and downloading a beta.
The only blender menu you can call is the content menu (shift+a), where you can select new items (geometri, light, camera, bone…), special operation menu (W key), with smooth, slide etc and some other menu, as well you can customize shourtkey, but cannot customize content . It is under development a piemenu (like modo or maya) customizable, but don’t know when will be ready.
Blender has a different approach, more shorcuts and less meny than maya (I mean standard configuration)
Blender don’t have any hystory stack alla Maya or Softimage. I think will never have one.
Blender is better then maya for modelling or general purpose? It is a totally different workflow. blender has a different attitude, IMO: it is a more simple approach, without the many and sometime don’t so useful options Maya or XSI have. Less option mean less complication for the user (from my point of view), and more stable releases. Never know a crash in a stable blender release.
Some users from other packages when opening blender for first time want find the some attitude, shourtcuts, menu and workflow they have in their previous (commercial) software, so, when didn’t found it, they discard the software and mark it like “unusable” or “don’t sense” or, more popular “out of standard”. The point is blender is not a mere clone of Maya or Softimage. blender has his attitude, and resolving the some issues in a different way than other. Like Modo is totally different in approach and style to Softimage (or maya or 3dsm), blender is different in many aspects. Strangely an user, i.e., from maya, accept this difference of workflow and approach in, another i.e., Modo, but don’t accept it in blender. I think exist a racism in 3d software 
Now blender has a new interface, great customization in it, you can select maya preset so it is not so traumatic. Doing a pair of tutorials (the net is full of blender tutorials), then you can decide if blender is for you or not. Also, blender grow fast, a release every two months, and every release has nice feature and it is very stable. I think Blender will become a must have knowledge for many 3d artist in a near feature.