Image 2 Mesh is a Blender Add-on that lets you convert image(s) to mesh geometry.

For Concept Art, Visual FX, 3d Modeling (photo mapping / reference), etc.

Features:

• Auto UV Projection Setup (keep working with live UV's),
• Vertex Color Mode option,
• RGB Color-As-Alpha option (Set in Add-on prefs),
• Batch Processing,
• Alpha-Border dilation. etc.

Update: Version 2+ has fewer features, but is up to 10x faster! 

See I2M Docs for complete list of Pro Version Features

Pro users: Please use the support form for timely support

Old, Unsupported & Free Standard Version: Now available (only) on GitHub