Create isometric mosaic rasters with height value from the pixels grayscale value.
* UPDATE Feb 20, 2012 *
I've rewritten my script and added some new features. Feeling lazy tonight so visit my blog (shameless self-promotion!) for info on how it works. Just make sure you have an image selected before you press the 'Render' button.
Oh, and to avoid confusion; the new script is the one below called Isometric Block Raster.