Crytek announced that Polybump, a new tool for creating low-polygon 3D models for PC, Xbox and GameCube games. Polybump generates low polygon models based on the input of two models - a low and high poly model. The tool works via Crytek algorithms that you embed within your engine code, improving the image quality of the low poly model by generating a normal map to map the high-poly model onto the low-poly model.
A free evaluation version is available at the Crytek web site.