You ask:
But so then is that what they do in model theory? Because I could not for the life of me really grasp what this talk of "truth in a model" was meant to be.
Modern logic systems are conducted in the abstraction of formal systems which use the notion of formal languages. Being highly abstract collections of symbols that denote a syntax, it is necessary to understand how the syntax is used, otherwise known as the formal semantics of the system. There are different approaches to interpreting the various grammars of those syntax, of which the first and most dominant of those is Tarski's model theory. WP's article on formal semantics provides a summary:
The archetype of model-theoretic semantics is Alfred Tarski's semantic theory of truth, based on his T-schema, and is one of the founding concepts of model theory. This is the most widespread approach, and is based on the idea that the meaning of the various parts of the propositions are given by the possible ways we can give a recursively specified group of interpretation functions from them to some predefined mathematical domains: an interpretation of first-order predicate logic is given by a mapping from terms to a universe of individuals, and a mapping from propositions to the truth values "true" and "false". Model-theoretic semantics provides the foundations for an approach to the theory of meaning known as truth-conditional semantics...
In a formal system, there is an alphabet, WFFs, sets of axioms, rules of inference, and theorems, but it is possible, using for instance the lambda calculus as a notation, to perform a series of inferences where the symbols are devoid of any meaning and are simply transformations based on the "shape" or "form" of the inputs and outputs. Lambda calculus has application, alpha conversion, beta reduction and so on, so that the inputs are processed into outputs simply by pairing up the formal symbols. Computer scientists, for instance, make their bread and butter by building and running compilers and interpreters which execute these sorts of formalisms.
But a model is more than a set of symbols because those symbols and the grammars in which they function in have meaning, its formal semantics. Meaning is provided by an interpretation function mapping those symbols to other symbols. It's a formal system with certain properties that lend it to describing either an intensional logic say of a possible world semantics over individual instances in a domain of discourse, or a mathematical structure which requires an interpretation function that maps meanings of symbols to more explicit computational definitions.
For instance, to be a mathematical structure, there has to be an interpretation (which naturally is expressed as a function!). From WP:
Formally, a structure can be defined as a triple A'=(A,σ,I) consisting of a domain [of discourse] A', a signature σ, and an interpretation function I that indicates how the signature is to beinterpreted in the model.
The example given is understood by the differing of interpretations of a field (in the group-ring-field sense) over reals and a field over the complex numbers. Intuitively, you can sense that there must be a difference of meaning in symbols like '0', '1', '+', and '×' since the notions of identity and operations must differ whether one is dealing with reals or complex numbers. To interpret the mathematical structure, one simply has to apply different definitions of the additive and multiplicative identity or addition or multiplication. Thus, there is a difference in structural interpretation of (R,+,×) and (C,+,×) even though the two operations specified are the same + and ×.
In the second case, the one to which you refer, the model theoretic interpretations is about showing that the model has different interpretations under a differing set of premises of proofs so that we can show that a full range of proofs might hold in some domain of discourse or there are invariant properties of some sort in the logic system. Mauro provides an example from geometry:
In a non-technical but precise sense "true-in-a-model" means that the logical consequences (theorems) of the axioms of a theory hold (a satisfied) in every mathematical structure that satisfies the axioms (a model of the theory). Example: if we omit the parallel postulate from the set of axioms of usual Euclidean geometry we have that the sphere is a model of the (restricted) theory.
So, if we treat axioms as true or false in our model of geometry, and we let go of the parallel postulate (it is not true), then we have a different mathematical structure, but can show that many of the consequences of the remaining axioms are preserved. Spherical, planar, and hyperbolic geometries have many similarities, but they differ in their truths with respect to what they model. That a triangle has three angles which can be used to construct a straight angle only is a consequence or theorem in one of the cases, for instance. This theorem is only true of triangles on a Euclidean plane. And yet other Euclidean truths hold outside of the Euclidean plane.
More succinctly by WP:
In model theory, interpretation of a structure M in another structure N (typically of a different signature) is a technical notion that approximates the idea of representing M inside N. For example, every reduction or definitional expansion of a structure N has an interpretation in N... Many model-theoretic properties are preserved under interpretability. For example, if the theory of N is stable and M is interpretable in N, then the theory of M is also stable.
Thus, a model in this sense is a generalization of geometry over a set of axioms that we can vary and examine both individually and collectively and observe results. ME, MSPH, and MHYP are all part of a greater structure N or, if you prefer, G. In one world, the parallel postulate takes form PPE, in another form PPSPH, and in the last, form PPHYP. Thus, we have the truth of the parallel postulate in its respective model because we can vary the truth with respect to different models. That is, in one possible world, parallel lines are Euclidean, in two possible worlds, they are not.