Digit
this is something we do as a company (Northern Archaeological Associates); and it is possible to geo-reference points within the photos on the surface, though obviously underground becomes technically more difficult. You are correct on the heavy computing - we generally have to run the program overnight, or for very big sites, over the weekend, but it does work. It is possible to output the data in different forms, perhaps the most usable are as 3D PDFs.
As to it being 'not as good as 3D imaging kit' (I presume you are referring to laser scanning or LIDAR), it is actually pretty good...we did some terrains with a kite-mounted camera and produced a point-cloud of similar definition to that of a LIDAR-derived model of the same area (and for a fraction of the cost).
The key issue with this software is the photos taken - you need an acute awareness of how many photos are needed and at what angles, or it won't work. The more complex the surface, the more photos you need...