There's a lot of creative ways to turn these into a home.
https://www.google.com/search?q=Shipping+Container+Houses...
As to calling the result
None of them are as sensible as traditional modular housing:
https://www.google.com/search?q=Shipping+Container+Houses...
There are things I'd do with shipping containers to turn them into livable housing, but they go beyond a basic conversion -- it's cutting them apart and basically using them as a source of sheet steel and study frames. Normal steel structures or tilt-ups accomplish basically all of this already.
Prefab modules for things like kitchens/bathrooms, combined with inexpensive ways of enclosing space, is the way to go.
http://www.thedailygreen.com/green-homes/latest/shipping-con...
Like anything else, to do it well takes a good amount of effort.
Shipping containers are uninsulated and have stressed skin construction - they require a lot of work to be used as a thermal envelop, or when incorporating fenestration (not to mention blowing out a whole side.
With the economic downturn, the glut of shipping containers is long gone and prices for used containers have risen significantly over the past several years.
A lot of those buildings which are featured in glossy architectural rags are actually built with custom modules, not actual containers because the dimensions of a standard shipping container are suitable for...well, shipping, not human habitation - 7'-10" inside height before interior ceiling and wall finishes are added (and that's if your insulation is exterior).