In the context of smart cities and digital twins, three-dimensional semantic city models are increasingly used for the analyses of large urban areas. While the representation of buildings, terrain, and vegetation has become standard for most city models, detailed spatio-semantic representations of streetspace have played a minor role so far. This is now changing (1) because of data availability, and (2) because recent and emerging applications require having detailed data about the streetspace. The upcoming version 3.0 of the international standard CityGML provides a substantially updated data model regarding the transportation infrastructure, including the representation of the streetspace. However, there already exist a number of other standards and data formats dealing with the representation and exchange of streetspace data. Thus, based on an extensive literature review of potential applications as well as discussions and collaborations with relevant stakeholders, seven key modelling aspects of detailed streetspace models are identified. This allows a structured discussion of representational capabilities of the proposed CityGML3.0 Transportation Model with respect to these aspects and in comparison to the other standards. Subsequently, it is shown that CityGML3.0 meets most of these aspects and that streetspace models can be derived from various data sources and for different cities. Models generated compliant to the CityGML standard are immediately usable for a number of applications. This is demonstrated for some applications, such as land use management, solar potential analyses, and traffic and pedestrian simulations.