[ame="http://www.youtube.com/watch?v=z4obTZV2QEM"]YouTube - VideoTrace - 3D modelling using real video[/ame]
Saw it on the YouTube front page... and it looks amazing! It could really be helpful for creating models you wouldn't normally get up to, like skybox props and such.
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They must have some way of coding in the movement of the camera relative to the target, though they don't explain or show it in the video.
I wonder how they were determining the depth of the car. Notice after they draw their first few vertices, they're already at the correct depth in the scene. Acoustic rangefinding? Paired cameras for stereoscopic view?