This tutorial is more directed at newbes and shows a few Blender pitfals and the new functionality for Blender 2.46. The short story is if you want to use Blender for this then use v2.46 that supports tangent space. The method that v2.45 uses is not appropriate for games.
That works great. You can also use a similar trick to bake reference image like photo or concept art into the texture of your model - which gives you base color and gives you some idea what that triangle is! I think its a great modeling tool.
Some great Blender tutorials from blendernation here, for Blender 2.46: