Whether the 3D incompressible Euler and Navier-Stokes equations can develop a finite time singularity from smooth initial data with finite energy has been one of the most long standing open questions. We review some recent theoretical and computational studies which show that there is a subtle dynamic depletion of nonlinear vortex stretching due to local geometric regularity of vortex filaments. The local geometric regularity of vortex filaments can lead to tremendous cancellation of nonlinear vortex stretching, thus preventing a finite time singularity. Our studies also reveal a surprising stabilizing effect of convection for the 3D incompressible Euler and Navier-Stokes equations. Finally, we present a new class of solutions for the 3D Euler and Navier-Stokes equations, which exhibit very interesting dynamic growth property. By exploiting the special structure of the solution and the cancellation between the convection term and the vortex stretching term, we prove nonlinear stability and the global regularity of this class of solutions.