Looks like it was 2009 that I last looked into this. 2010 saw a lot of momentum which seems to have slowed a bit now. I had a bit of a play with a photosynth of Mt Rushmore which showed some promise, and a more structured approach to shooting could produce quite a useable model.
Some interesting looking tools:
http://www.visual-experiments.com/demos/photosynthtoolkit/(used this to "borrow" images to try in 123D Catch)
http://synthexport.codeplex.com/
