That it is. The main obstacles right now for the applications you speak of seem to be getting it to work with materials that are strong enough and can withstand extreme heat.
Seems to me that you could add a second cycle for those. Vapor deposition doesn't seem to be that big a barrier for any material, even titanium or the more exotic alloys.
What you could do, is to deposit a "vapor layer", and then print an "etching layer" over it. That's the approach they're using for nanotech parts ... why not use it for macro-scale items as well?
You are right. They have been around for a while. The one in our lab is great for making models, but the parts are very weak. It is a great tool, but you still have to make the REAL part out of steel, aluminum, titanium, cast iron,plastics, ceramic, or other material.