Naturally, you can create 3D with SketchUp...and then use rendering software to produce a photoreal effect or add reflective and lighting effects. Personally however, if I was considering software simply to produce 3D icons, I'd probably use RealDraw. It's vector based, just like SU...but it's much easier to produce a wide range of graphic effects right out of the box.
[flash=640,390:2r1kyb0v]http://www.youtube.com/v/7jMd2Z_SPMQ?version=3[/flash:2r1kyb0v]