Just get the beta version of it then.
The .md3 format only has consequences outside the program (as the format changes the coordinates of some vertices little bit for like 0,01 unit; who cares. You only have to make sure your not editing vertices of a model by 0,1 unit each and you won't notice it at all).
One of the disadvantages of the program is that several features need to be done manual, but if your used to Sauerbraten, you should be used to that.
One of the advantages of the program is that everything is pretty easy to find. The icons and such may not look fancy, but again; who cares? You can select vertices, faces, groups, meshes etc and modify them (rotate, move, snap to grid, weld, etc). If you really need to, you can even add bones (they just won't be used outside the program as .md3, .obj and .md2 aren't supporting it, but for rigging inside MM3D it helps fair enough).
Another advantage is that it can handle Milkshape3D formats, but also just textual formats (which contain coordinates of all vertices, groups and frames).