I've created standalone ViewModels, but generally not standalone models. The reason for this is DataBinding -- most POCOs don't implement the INotifyPropertyChanged interface and adding them in to make them pseudo-Models seems to defeat the purpose of re-using a simple class AND respecting the MVVM pattern.
Now, if you KNOW you're never going to be editing them, it may not be a bad idea. A VM with simple property redirects seems a bit pointless to me.