LOD Billboards takes a screen grab render of your scene and turns it into a billboard that can be used as a reduced Level-of-Detail (LOD) prefab object. It is a simplified version of LOD StandInGeo which can also use a grid conformed to the shape of scene objects to turn screen captured images into low-LOD stand-in objects.
LOD StandInGeo Webplayer Demo | PDF Document
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This product works with the free version of Unity and has been tested in Unity 5.