Ogre:
+) Good (Great) Graphics
+) Complex Material System (ya know what they were talking about in the UNreal3 video? Ogre has that

)
+) Very Mature
+) 2 Releases away from 1.0
+) about 2-3x faster then irrlicht
-) More Complex
-) Requires more coding skill
Irrlicht:
+) Good to learn the concepts of 3d graphics and game creation on
+) Braindead easy api
+) Smaller, well documented
+) Good Tutorials
-) Slow
-) Renderer lacking some features
-) Still early in development
NeoI:
+) Its a game engine, it has all the goodies you need
+) No longer being officially developed by the creator, but by the users
+) Feature Rich
+) Integrated Col Det, Physics, Neworking, Scripting, etc
-) I personally didn't like its api overly much
-) Not as easy to use as Irrlicht
-) Small Community
Nebula:
+) Shader Driven Architecture
+) Extremely High level of scripting
-) Unique api can be difficult to learn
I haven't used Neo and Nebula as much as ogre and irrlicht, and my only suggestion would be to try them, and see which one you like best
