@attila: Yeah, we definitely need a convenient way to render dynamic geometry. VBO updates in OpenGL are working at acceptable performance (we already use them for morphing and software skinning). It is only that glMapBuffer which is the equivalent to the D3D buffer mapping is less efficient but using glBufferData should be ok.
Dynamic updates always require special care. If a buffer that should be updated is still referenced in the GPU push buffer, then a stall will be introduced since the driver needs to wait until the current buffer data is no more required.
Good read:
Using Vertex Buffer Objects (VBOs)