It should be possible to specify multiple sources for a model at differnt levels of detail.  It should be configurable at what render distance ranges each level of detail should be used.

This should make it possible to smoothly have a model show at a higher detail level when closer to the camera, and lower detail levels when further away.

It idea is that there would be something like ModelLOD which would enable the user to specify a list of Meshes/Models and depending on the distance from the camera different versions would be shown.  These ranges would need to be configurable.

Its also likely that that lowest LOD would just a billboard.

There should likely be a way to fade between LOD's when going between LOD ranges.