While it is a very nice looking effect, you have to keep in mind somethings. This is wc3, a subtle effect like that might not be very noticed. It also can almost double your poly count, and seeing as how your example is a WoW model, that'll be a nearly unusable model. It has over 5k polies!
It is possible to do the same with particles, my fav example is the fel warlock spell animation (doesn't it look soo uber :P ) , I'm not an expert at it, but you should try and experiment
nonetheless good for low poly models, rep given good tut