GM doesn't really have any "convenience" 3D functions, though given access to shaders + vertex buffers and an (almost) raw Direct 3D 9 pipeline, you can technically achieve a lot! Theoretically, if you had the assets, you could make a game as good as one in Unity, though it would require quite a bit more work as you would have to implement both physics and a rendering pipeline by yourself.
I took interest in this a few months ago and me, Orange451 and Jared produced a collection of 3D mini projects in GM:
(Credits to Xygthop for the normal mapping + cube maps)
I'm not going to lie, it's difficult and time consuming
! I did it because I find it fun to work on things, though the lack of any real assets to use does annoy me :S! I reckon, you could make something more graphically impressive than Call of Duty Modern Warfare 2, if you had access to the assets
!
Some other guy made this using my first shadow shader (which wasn't a great shader):
A number of other users have also made a bunch of really cool 3D stuff! You should check out Xygthop3, Xor, theSnidr, GMEngineer, Lonewollf, Blue Burn (to name a few).