Microwave technology plays a more important role in modern industrial sensing applications. Pushed by the significant progress in monolithic microwave integrated circuit technology over the past decades, complex sensing systems operating in the microwave and even millimeter-wave range are available for reasonable costs combined with exquisite performance. In the context of industrial sensing, this stimulates new approaches for metrology based on microwave technology. An old measurement principle nearly forgotten over the years has recently gained more and more attention in both academia and industry: the six-port interferometer. This paper reviews the basic concept, investigates promising applications in remote, as well as contact-based sensing and compares the system with state-of-the-art metrology. The significant advantages will be discussed just as the limitations of the six-port architecture. Particular attention will be paid to impairment effects and non-ideal behavior, as well as compensation and linearization concepts. It will be shown that in application fields, like remote distance sensing, precise alignment measurements, as well as interferometrically-evaluated mechanical strain analysis, the six-port architecture delivers extraordinary measurement results combined with high measurement data update rates for reasonable system costs. This makes the six-port architecture a promising candidate for industrial metrology.