Runtai Lainden had said, in this thread:
/290/15/107089/1.html
You're right. The fact is, it's too late to change that functionality. Things have already been built that work with it the way it is, and changing the way it works would break content, causing much sadness. However, I hear what you're saying, and I agree with you that there should be a way to achieve the results you describe. I think the proper way to provide such a change would be to add a whole extra option in the mapping drop down for a whole different mode of projection that does exactly what you want (I'm open to suggestions on what to call it). At the moment, other things are taking priority over creating additional texture generation modes, and I don't know how long it will be before that problem is revisited.
Now that 10.0 has been rolled out sucessfully, and the first patch for it, as well - I would like to request that this new mapping type be prepared, implemented and added to an upcoming patch.
I like the name suggestions in the other thread - True Mapping sounds good. Face mapping might work, too.
We really do need to be able to texture things accurately. Having the texture edges remain where they're put, can only be a benefit.
Thanks for your time.