The other night I was showing a friend some of the 3D Photoshop projects I've been working on. The next day he called and said he was designing a bottle label for a client's product. He had done the profile of the bottle and the label artwork in Illustrator.
20 minutes after receiving the files I sent him a Photoshop file with a 3D object; textured and ready to present to his client. The great thing about 3D technology is that you can grab the bottle and rotate it in real time, and save out an image from any angle of the bottle.
If you had done it the old fashioned way, you'd only have one angle of the bottle (the angle you drew).