It does but in the first person view it looks like it's doing the Google Streetview thing where you have waypoints of 360-degree camera shots mapped onto the 3D

It does but in the first person view it looks like it's doing the Google Streetview thing where you have waypoints of 360-degree camera shots mapped onto the 3D model rather than one generated solid 3D model. I'm guessing it's because the texture mapping would be tricky to get at high resolution but still work on most machines or something like that.