

Technically it's not very appropriate to be regarded as reversing wireframe, but merely a custom quadifying algorithm.
I believe that the Quadify option in 3Ds Max may be based on similar principles. However sometimes it appears to perform better than 3Ds Max coz it's more conservative instead of being risky:

It's difficult to be 100% accurate unless the face buffer is ideal, but an accuracy above 90% is quite feasible. So for me the above results are quite acceptable.
Of course a 100% reversing is possible:

A simple explanation of the algorithm is available here.
A more universal method here.