Model Documentation creation is one more fantastic new feature from AutoCAD 2012.
In the previous version FLATSHOT command was used to create 2D view from 3D model in model space. And in the case of paper space different viewports was needed to be created & respective views was needed to be set manually. This was very tedious process.
Now in AutoCAD 2012 because of this new Model Documentation improvement the process of 2D drawing views creation form 3D models has become very easy. You can also import 3D models from other CAD software such as Inventor, Pro/Engineer, CATIA, Rhino, NX and SolidWorks. These views are interlinked with the 3D models. If you make any changes to 3D model those changes can be updated in 2D views automatically.
You can create all the standard drawing views, isometric views. You can also control visual style & scale.
You can view this in following video: