Render time will depend on sw used, number of objects (number of polygons), textures, details used (reflections, transparency, refraction etc.), number of lights etc.... Having a FPU will speed up your render time with most 3d packages. So if you are planning to get an accelerator and use it for 3d rendering, try to find one with a FPU and a fastest CPU as possible. I would still recommend to start with LW 5 since you can find a lot of tutorials and learn from them. Real3d, Imagine, Cinema4d etc... are also ok but there are not that many tutorials around....LW has the best features also and is still around (not on Amiga of course....).
Ps.
The biggest problem with long (overnight) rendering is that you will in the morning see the mistake you have made in modeling or scene setup and have to start the render process all over again.... finding your Amiga has crashed the next morning
