I somehow completely missed the announcement that it was MIT licensed now!
For people wondering what Torque's 'special sauce' is - Torque has a world-class multiplayer/networking layer, one which was pretty amazing even when it cost money (considering its competition). It handles 100+ players on the same server, together with vehicles, etc. It also has/had really great heightmap/world editing built in, but plenty of other engines have this now, and better.
Its achilles heel was always the content pipeline for non-terrain geometry - I haven't heard much recently so I don't know if that's changed? (Ie, so much of the worlds we interact with in 3d games nowadays are built with the same tools as player models are; while the hills may be heightfields, the rock outcroppings and cliffs and other things are often 3d models. Last I remember, Torque still needed its non-terrain geometry to be built with the kinds of BSP/subtraction-based editors we all used in the Quake 3 days.