I find it odd that Anim8or and Blender are compared to each other so often, when aside from the fundamental 'point' of both, being the creation of 3D models, rendered stills and animations, there is really no similarity at all. Anim8or is one person's attempt to create a 3D animation system because it was something he was interested in doing. Blender is (or at least was) an open-source development with the aim of developing a free system that can bring it to the big $ systems, or at least that's how I understand it.
I have both, as well as other non-free systems, and use them for different purposes. Personally, I don't like Blender much. While these days it can be considered 'professional' or 'industry standard', I am not a fan of the interface and find it hideously complicated, unintuitive and slow to work with. The only reason I use it at all is so I can work with models created in Blender by co-collaborators, and I usually pull them out and work in Carrara or Anim8or anyway. On the other hand, while I do 99% of my modelling in Anim8or, it is not able to provide the standard of work I require for my current projects which include physics, particle effects, animated textures and full 1080HD 24fps animations, often running over 300-400 frames per animation with 15-20 such animations per project.
My advice to you jwalt, would be to consider what you want from a system now, and what your future plans are. If Anim8or provides the tools you need to bring your imaginings to life through 3D modelling and animation, then there's no need to overcomplicate matters. Not that Anim8or is as limited as you might have been led to believe; it has more than enough functionality to challenge all but the most demanding of CGI artists (you could argue that Anim8or would actually be more challenging, since it has fewer out-of-the-box shortcuts and requires some actual artistry to get the best out of it). On the other hand, if you intend to continue down the CGI path, aiming perhaps at doing it professionally or even as part of a collaborative project, it might be a good idea to persist with Blender as the things this will teach you could turn out to be invaluable... and it's free to download.
Ultimately, neither system will suffice on their own IMO and spending $ on LightWave, Maya, 3DSMax or even Carrara is probably worthwhile, but both are useful tools in your CGI arsenal.