An effect that I'm particularly fond of for emphasizing terrain steepness is the "terrain morph." The idea is to transition from a flat surface into the 3D topographic view through a smooth series of steps as in this post.
Here's a nice example showing Longs Peak, Colorado.
Click through to the high def version to get the full experience.
I really like the "old school / new school" metaphor as well. The initial flat quad map has been around forever, but has now given way to interactive 3D views with textured high resolution imagery.
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