Can I assign lat/long/height values to each vertice of a Collada 3D model?
Not at the moment. There is a company (sorry I can't name them at this point) who has a patent out for this very thing. Technically, it is possible, as a DAE is just an XML format, therefore, you could embed the georeferencing format. The question is would your software be able to read the georeferencing from the Collada file.