That would probably be a long way off, since I don't think anybody started working on such a project, but I'd like to know if there's any known way to dump 3D objects in the same way as textures are, right now.
Anybody feeling like dumping/re-modelling Mario64 worlds ?
But can we sub-divide the geometry in emulator to make it more smooth?
And, if we can hack the ROM, find the geometric data? Can we replace them with high-detailed geometry?
Also stated above, we can find and export the data, but not import/reinsert back in. However, there is an interesting thread about this in High Resolution Texture Projects - mainly on remodeling Zelda though.