Well, if it were just about using pictures, I wouldn't have asked. No, I meant, if it would be worth the effort to do, what is described in the video (and used in the game that I referenced). Creating 3D-assets with that technique, that are then "baked" (I think that's the term used for it), and made into 2D-sprites/objects, including normalmaps or similar to create an interactive response to lighting/shadowing, etc.
I was wondering, because my first thought was: "I would never be brave enough to face that challenge." It seems to just take too much time, not to speak about the money to be invested in software/manpower, etc.