This looks rather interesting, apparently Microsoft has been doing some research into turning photos into 3D models. Theres a couple of demo video's at the site and at the blog for the team working on it, Photosynth Blog.
It has some rather interesting possibilities for gaming and movie making as well I'd think. If the software is good enough to produce a reasonably accurate 3D model of a site, It's likely that some one will work out a way to export the 3D model to a gaming engine allowing level designers to create levels from photo collections that are accurate to the real thing. While if the models are high enough detail movie directors could perhaps use the models for there movies rather than actually going to the location and filming there.
Undoubtedly there would be a number of other uses as well. Being interesting to see what the product they produce is like in a few years.