I wrote a tool that someone may find useful: a LOD viewer.
I tested it on Windows 7 and 8. Unfortunately it doesn't run on Windows XP.

From the readme.txt:

LODViewer Version 0.1

Author: mue

Use at your own risk. The program is free for personal, non-commercial use.

Usage:

LOD files are loaded with File->Open...
The program also tries to read the ini file with the same basename (eg. tank.lod -> tank.ini) for textureset information. The texture directory can then be selected via the texture directory combo box. If no ini file is found or it does not contain textureset information then the texture files are assumed in the lod file directory.

The left upper window shows the node structure: node names and material ids. Nodes can be selected with left click and deselected with ctrl+left click.

The lower left window shows the texture file names of the materials.

The right graphic window displays the 3D view of the lod object. The view can be manipulated with the mouse:

rotation: left click + move
translation: right click + move
zoom: mouse wheel
reset view: middle click

Nodes can be selected with ctrl+left click, and deselected with ctrl+left click on a blank area.
Selected nodes are highlighted in red. Nodes whose texture couldn't be read are displayed in green.


Known issues, missing features, bugs:

-simplistic lighting (no specular, glossiness, reflection, bump mapping,...)
-no transparency
-no decals
-problems with reading some tga files


Screenshot:     (Download link temporarily redacted)