Ok, I perhaps wasn't very clear...
I misunderstood you initially, because you said 'model' which I took to mean, well, a model.
A billboard is just a quad, but it is rotated to face the camera (except, in this case, for the Y-axis which always points straight up). This way the grass blades on your texture point up, and you can do things like shear transforms on the texture coords, to 'animate' the grass and make blow in the wind, for example.
Whether this will be of any use in Glest is dubious, given the typical camera angle.