hi Alexey, sorry for the long delay in replying.
Here it's a new try with the last version of Photoscan.
The object is a medieval boat from a moat.
38 pictures
4288x2848 pixel
the object is 5 x 1,5 m
Align photos: accuracy high, pair selection disabled
build geometry: arbitrary, high, sharp, 0, 0.5, 0.1
the bounding box is set close to objects limits
I've tried with 1000000 faces and undecimated model (as you suggested).
not enough memory / Error: bad allocation is the message for both tries.
I guess that the solution is to buy more RAM, isn't it?
Still, a friend of mine can make small models of this kind with a computer that is as weak as mine (4GB RAM) ... that's not fair!
I attach the log file, just in case.