Vizards native format is
.osg. The following is the homepage for a osg exporter for blender:
http://projects.blender.org/projects/osgexport/
I'm not sure how well it works, since we use 3dsmax for all our modeling. Vizard also supports other formats including VRML 2.0.
The osg exporter for 3dsmax works pretty well, and supports multi-texturing, lightmaps, animations, and other advanced stuff.
Since Blender is free, I would recommend trying it out for a couple days and seeing if it fits the specific needs of your project. If not, then you can try out 3dsmax instead. Our modelers are very knowledgeable with 3dsmax and can help you out if you have any questions.