Welcome to Blender Wireframe Modifier overview. A feature of Blender 2.70, it provides an easy way of making wireframe render in Cycles. But its great not just for visualization. It can be put on top of cloth simulation to make a fishnet. In general, this tool opens up many modelling scenarios for us.
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Blender Wireframe Modifier Tips
Material offset
To assign wireframe a different material, use Material offset.
Relative Thickness
Relative Thickness can be used to give the appearance of uniform wires (wires that are relative to polygon size).
Cloth and Wireframe Modifier
Want a fishnet simulation? Put this modifier on top of cloth sim and see what happens.
More videos about Wireframe modifier:
In-depth overview of 2.70 features By Gottfried Hofmann on CgCookie
Tutorial by Andrew Price on Blenderguru