This would be most useful for automatic "level-of-detail" generation, but this kind of solution is not commonly used as it lacks artist control. There are a number of simplification programs that run in the context of various art tools that might be more robust.
Simplifies a mesh using a vertex/edge decimation algorithm.
Schroeder, Zarge and Lorensen “Decimation of Triangle Meshes” SIGGRAPH 1992 link
Hoppe, DeRose, Duchampy, McDonald, Stuetzle, “Mesh Optimization”, SIGGRAPH 1993 link
Hoppe, "Progressive meshes", SIGGRAPH 1996 link
This would be most useful for automatic "level-of-detail" generation, but this kind of solution is not commonly used as it lacks artist control. There are a number of simplification programs that run in the context of various art tools that might be more robust.