Hey, that's a pretty easy way to create a 3D model! Reminds me of
Rotoscoping.
It'd be great if this is made commercially available at a price cheaper than all the hi-end 3D apps out there. But what about those fantasy/sci-fi creatures and characters/landscapes -- using this app, you'll probably have to work from a clay/plastic model to get a 3D version, no?
EDIT: This reminded me of a software I had seen several years back. It could build models -- not from video, but from just a couple of photos. I see that it is still available, although from a different vendor. It is called
Canoma, for those of you who are interested. And while you are there, check out the QuickTime gallery -- pretty impressive, no?