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Now that you mention it, there was someone who ripped some of the character models from MO.
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That's what I was thinking of. Usually if it's for personal use, it'd be fine (the same as making fan art I'd imagine), it's the distribution and profiting that's the issue as you said.
If a company like shapeways printed the models, perhaps they would get sued since they are the ones profiting and distributing?
If you have direct access to a 3D printer (which is awesome), I can't see it being a problem for purely personal use.