What about "Haha, Well you're certainly not going to create a 3D point cloud of every street in the world"...
Google's self driving cars are just doing that.
EDIT: I can't find the post I once read, but this post also makes some clear: http://www.linkedin.com/today/post/article/20130502024505-99...
EDIT 2: Here a video of the presentation: https://www.youtube.com/watch?v=YXylqtEQ0tk @ 3:30 you can see the generated (and stored) point cloud.