I’ve used CloudCompare, it’s a free open source software and convenient. I’ve also tested Terrasolid which is based on the microstation. Large datasets must be divided into sub-blocks before processing. The display is not that smooth compared to the former. In addition, Meshlab and Arcgis can do it, too. I also found a software called Lidar360. It's a commercial software which supports the display of big data and has a good selection of display modes.
CloudCompare works great for me, even huge datasets. (Linux with 64GB)