Guys, please don't forget that finding something including the word "remoterenderer" on your own PC means nothing.
The server-client model (ie something involving a remote renderer, where remote is your own machine through loopback) is often used in multicore rendering and IPC calls.
I know it is easy to get fueled by something like this, but as a few guys have advocated, please use reason before jumping to conclusions.
Even though the OP maintains that only a portion of a 3D model would need to be protected (and thus re-sent) I believe the simple fact that the engine still needs to sync it up for everyone would make it unfeasible in hub areas (as evidenced in the post by StephenReid).
If you actually look up time-rewrite lag compensation in engines such as the Source engine, or more recently, Battlefield 3, you realize that the amount of data actually transferred for sync-up is text size, ie as small as possible.
Just food for thought.