We are looking to implement this in our traffic design workflows (Signals, ITS, etc.). It seems that all the pieces are in place to leverage item types to help automate pay items and quantities except having the 3D cell update. Incredibly disappointing that Bentley is so close to having this working, but it seems that people have been asking for this for years.

Yes, you can use a "Parametric Cell" as the point in a geometry point, but it will not function as a parametric cell, the cell will function as a graphic cell. The Variations will not function even if defined in the element template, the Variables used in the cell are not accessible when looking at the properties of the cells. This would be helpful in Roadway modeling adding the ability to have Traffic signals structures, signs, and other assets (Roadway Funiture) that have variations in size that are directly related to the roadway design.

We have tested with element templates and have had no success using Parametric Cells with geometry points (tested in 10.11 and earlier). Forces us to place 2D cells and 3D cells separately if we want to use parametric cells. It would be extremely useful and save time to be able to use parametric cells with the functionality of the Point tool.