Similar ideas have been posted before, it seems like a very popular idea.
I think it would be nice to have a more in-depth tool for part/assembly dimensional extents than the current "Define Envelopes" tool.
It should be possible to select an entire assembly and create a bounding box that can include or exclude referenced or phantom parts, thereby providing the exact extents desired. The "Define Envelope" command does not allow this functionality.
For a good example of when this would be handy: my company makes simple crates using iLogic that are for shipping our products. The X, Y, Z extents of our assemblies is critical for this process.