There are some known issues (including local-space transformations not working as intended) but I really wanted to let you guys try it and see what you think of it.
The component has been re-built from the ground-up to eliminate all of the old issues and improve readability and flexiblity of this new revamped component. Feedback and suggestions are welcome, you can post it in the comments or leave a message on Codeplex instead.
I'll leave you with just this image and a download link for now, a video will follow once I have a fully stable build.
Since I'm finally using SVN, you can directly follow my updates on the Source Code tab of codeplex.