Access to realistic, complex graph datasets is critical to research on social networking systems and applications. Simulations on graph data provide critical evaluation of new systems and applications ranging from community detection to spam filtering and social web search. Due to the high time and resource costs of gathering real graph datasets through direct measurements, researchers are anonymizing and sharing a small number of valuable datasets with the community. However, performing experiments using shared real datasets faces three key disadvantages: concerns that graphs can be de-anonymized to reveal private information, increasing costs of distributing large datasets, and that a small number of available social graphs limits the statistical confidence in the results.The use of measurement-calibrated graph models is an attractive alternative to sharing datasets. Researchers can "fit" a graph model to a real social graph, extract a set of model parameters, and use them to generate multiple synthetic graphs statistically similar to the original graph. While numerous graph models have been proposed, it is unclear if they can produce synthetic graphs that accurately match the properties of the original graphs. In this paper, we explore the feasibility of measurement-calibrated synthetic graphs using six popular graph models and a variety of real social graphs gathered from the Facebook social network ranging from 30,000 to 3 million edges. We find that two models consistently produce synthetic graphs with common graph metric values similar to those of the original graphs. However, only one produces high fidelity results in our application-level benchmarks. While this shows that graph models can produce realistic synthetic graphs, it also highlights the fact that current graph metrics remain incomplete, and some applications expose graph properties that do not map to existing metrics.