Exporting to OSG
OpenSceneGraph has its own file format (.osg). There is an exporter for Blender and it can be found:
http://projects.blender.org/projects/osgexport/
If you have difficulties with download, use wget (file was corrupted when I downloaded it with Firefox).
wget http://projects.blender.org/frs/download.php/333/osgexport-2.42b.tar.gz
Extract and copy osgexport-2.42.py to your .blender/scripts/ directory.
First osg-export
Some checks before export:
- There is no support for multiple materials in same object in osgexport (see exporting multimaterial objects).
- Check normals! Normals should point outwards, otherwise surfaces
are rendered as black. You can use Flip Normals or Recalculate Normal
Outside to correct problems.
- Check Center points of the objects. For example if you want to rotate a door programmically in OSG, you set Center point where the hinges are.
- You could also apply scale and rotation (Ctrl +A). That saves few transformations and makes osg-files easier to read (for a human).
Export
When you are ready to export, just choose File -> Export -> Openscengraph (.osg).

- Type the path and the filename to the Output File textbox
- select the items you want to export
- press Export.
Then just open terminal and type: osgviewer name_you_gave.osg
Exporting multi-material objects
If you export object that has multiple material indexes, only the first index is used. Therefore you have to export them as a separate objects.
Here is a typical example:

- Enter in Editmode (Tab).
- Press P (Separate) and select by Material.
- That separeates objects by material but it doesn't remove extra material indexes so you have to remove them manually.
- Then export as usual.
NOTE: There is a fast way to test how materials are shown in OSG. Make sure that Game -> Use Blender Materials is not selected. Then just press (P) over 3D-window. That starts Blender's game-engine and because that also doesn't support multi-materials, you can have a preview how things will look in OSG.

Texture baking
With current cvs-version of Blender textures can be baked to the uv-map.