This is very cool and probably has potential for modeling, etc., but currently the most accurate 3D modeling can be done with a scanning laser. (IMO) These laser scans can be imported directly into AutoCAD and several other 3D modeling programs.
You can see examples of this on many television programs, ie; laser mapping of the Titanic & scanning the internal structure of caves... I have seriously thought about having some of my clients get me a 3D scan of their facilities (bare warehouses, etc) to help me get all the measurements right. [some people just can't use a measuring tape