I can't really recommend IVI. It it's definitely not easy to use or particularly stable. I'm also not a tremendous fan of Icarus. The last version I used 0.8.1 (I think) had a memory leak so the performance was abysmal. It was far outpaced by the slowed down modelsim XE.
If you can't spend money, I recommend gpl cver and gtk wave. They aren't great, but they'll do the trick. I find cver to be slower than modelsim by a fair bit, but it's faster once the limit is exceeded.
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I must give the warning that gtkwave loads the whole vcd into memory and then some, so if you're opening 300MB VCD files, you really need to have at least 1 GB of memory (maybe more). I know I have 768MB and it thrashed until I killed it.
There is no way you are going to get a free tool with a gui like modelsim. Heck, most commercial tools don't have guis like modelsim. As far as I know vcs and ncverilog don't have nice guis. With those tools you do everything on the command line.
Good luck, Arlen