Photofly is a open source photogrammetry software which works well for modeling objects. When it comes to buildings, its goal does not seem to be the final creation of models, as Imagemodeler was. Instead it seems more intended for recreating an existing space for reference that you will add Autocad designs to. People briefly used the original version (Photofly version 1) with mixed success.
Some testing result of photogrammetry software Photofly is given below. It's an interesting piece of software with pretty good results.
Version 2 is really work as well as Version 1. The utility is a cloud application at the whim of Autodesk. The downfall of cloud computing is you are making an assumption that the service will always be available in the future. We would much prefer the GPU farm approach where you can do all processing solo via harnessing OpenCL or CUDA and multi-GPU. At least it is a lot faster than Photoscan. Its functionality is pretty much the same as Photoscan, but Photoscan has better results and flexibility, being a full fledged application.
Autodesk® 123D™ Catch Beta is formerly known as Project Photofly, lets you create 3D models from digital photographs. This native desktop application makes it easy to create 3D models by leveraging cloud computing.