|Link to try it out: http://kosmosnimki.ru/3d/index.html?x=5123012&y=5207341|
Flash Player 10 required. Allow for some delays in loading because our servers are in Russia.
Controls: drag to move, mousewheel to tilt. Secret tips for fellow hackers here: i toggles stats, m toggles mesh, t shows textures, s shows strips.
The location is Russian Caucasus, images are from IRS satellite, heightmaps are SRTM.
Actually we (my employer http://kosmosnimki.ru, a Russian online map) have covered the whole land area of the world below the 60th parallel. Changing the x and y parameters in the URL bar allows you to go elsewhere. Numbers are in meters, Mercator projection, WGS84 datum. I especially recommend the Himalayas, the Andes and Kilimanjaro, if you're smart enough to figure out the right numbers :-)
The code was written by me alone from scratch during this week. Two days of scribbling in a notebook until it got clear, then two days of frantic coding. No existing 3D engines like Papervision were used, it's all pure AS3 (well, haXe). About 1000 lines in total.
Any questions are welcome, especially questions about algorithms!