An interesting app has surfaced in the iPhone AppStore called Trimensional. It's a 3D scanner for the iPhone 4. The way it works is you close off the lights, then turn up the brightness so the object is illuminated, and using the front camera of the iPhone 4, you take a video. The app then converts it to a 3D model.
Currently it makes more of a mask type object than a full 360-degree one, but it can be useful as a starting point. You can then share the result as an animated gif or movie, and you can also unlock an export feature to bring your 3D model into a modeling app. For $0.99, it's worth trying out.