Besides just viewing all 3D models in the game, Daggerfall Modelling can assemble entire cites and dungeons to explore. If you remember my Scout project couple years back, this tool takes the same basic idea and puts it into a more useful format.
The final goal of Daggerfall Modelling is to export 3D content to Collada format. This will allow 3D artists to create high-poly versions of Daggerfall's locations and dungeons for other projects. Lucius has stated that DaggerXL will support model replacement mods sometime in the future (after further gameplay elements are implemented) and that Collada will be supported as part of that tool chain. This means 3D artists can get an early start on rebuilding certain content.
This release of Daggerfall Modelling is just an alpha to check stability and play with the exploring features. It does not have Collada exporting at this time, but I expect to have this available within a few weeks. If you are interested in helping me test Daggerfall Modelling, please check http://www.dfworkshop.net/?p=813 for links to all the details.
Daggerfall Modelling is based on my open-source Daggerfall Connect library and is likewise released under the free MIT license. If you are a coder, you can check out the latest code http://code.google.com/p/daggerfallconnect/source/checkout in the 0.5.0 branch of Daggerfall Connect.