Not necessarily modern, but Quake3 used a single texture for the entire player model(or maybe it was 1 texture for body, 1 for head). World of Warcraft has a different texture for each armor piece and race skins, but the game takes all the textures for your race and gear, then internally combines it to 1 full texture. This way each character you see is only using 1 texture, built from many smaller ones.