Incorrect - please check your facts. There are several new features in X3D. It's a full upgrade with environment mapping, multi-texturing, programmable shaders, 2D and 3D layers, more/better scripting. Next up, multi-user networking, physics, particle systems and more.
My company is currently building a multi-user virtual worlds system using only X3D. We have not launched this yet, but the precursor to it is up and running on our company site, http://www.mediamachines.com/, in the form of an upload-and-share service for authoring and publishing 3D.