I think this is the future of propmaking, and I have mixed feelings about it.
Bryan Wynia "sculpted" this fantastic selection of Deep One concepts using Zbrush, a 3D modeling program.
And here's the final version with a complete skin.
The second picture is what lead me to the linked site. Even at high resolution it's difficult to tell that it's a totally digital object and not an actual maquette. It's not the first time I've been fooled by a good digital "sculpt", and I have a feeling it will be happening a lot more in the near future.
What I find really interesting about Mr. Wynia's work is that it could be transformed into a real bust in just a matter of days. The plummeting cost of modeling software has made creating digital objects and props easier than ever. Once those models are created they can be used to construct virtual items, for use in high definition video productions, as well as actual items. Tabletop 3D printers are still a few years away from being household items, but it's just a matter of time until they are.
When that happens it will revolutionize small-scale manufacturing, not to mention hobby propmaking. "Sculpting" isn't going to be any easier, but there are a lot of people, myself included, who are far better at creating three-dimensional objects than they are at making two-dimensional depictions. There's going to be an explosion of small shops cranking out obscure items like Cthulhu statues and Elder Thing star stones.