The half model has a long, distinguished tradition. Fairly early in the nineteenth century, designers started using half models (carved from lifts) as the first step of the design process. Museums literally have thousands of half models from that period; in many cases (particularly merchant sailing ships) they're the only surviving documentation of the ships.
Even well into the twentieth century naval architects found use for half models. The museum where I used to work had a builder's half model of the S.S. United States. The designers had used it to plot out the shapes of the hull plates.
Half models, old or new, make fine decorations. Some people like to make the lifts of different wood species, to emphasize the curves of the ship's lines. Bluejacket offers several half model kits: http://www.bluejacketinc.com/kits/halfhull.htm , http://www.bluejacketinc.com/kits/belford_gray.htm , http://www.bluejacketinc.com/kits/jacob_pike.htm . I wish they'd make more. (Generally speaking I find all ships interesting, but I have trouble working up much excitement for a half model of a sardine carrier.)
Quite a few folks build half models for pleasure, or for sale. A member of our model club has built dozens of them. I never get tired of admiring them.
A fully-detailed half model also has a great deal to recommend it. You have to make a big decision in the beginning: just where do you make the cut? If you run it right down the centerline, you'll have to cut all the fittings on the centerline in half - including the masts. If you make the cut a little shy of the centerline, the keel, stem, and sternpost will have to project from the backboard.
Another interesting possibility is the cross-section model. The HECEPOB companies make several, and Bluejacket is talking about a forthcoming cross-section of the Charles W. Morgan. I once saw a cross-section of H.M.S. Victory mounted on the modeler's wall. Looked great.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.