I'm a bit confused. Is this a sharing site? Every model on the site can be viewed on the site, or embedded in another site, or the more technically adept can simply open up Firebug, see where the assets are on the servers and download them directly. This seems like a great way for digital artists to loose control over their creations, because there's no protections for them. Please illuminate what I'm not seeing here...
In my understanding, they are building a Dropbox/Trello/Deviantart hybrid specific to 3D Models. In my view they are coming up with an MVP that is somehow promising on these lines. How money will flow in [i.e., why power users would pay sketchfab instead of relying on the whole bunch of existing 3D library services] still looks to me a bit of a cryptical point, but they have probably yet to focus on this with some serious customer development.
You would not get the original model file which was used to export the vertices (skeleton rigs, animations, high poly geometry, high res textures). Also, even though its a slightly different problem space, any video game suffers from the same vulnerability.