Terrains for certain need more work. The fact that a random terrain is no longer random being the case in point. It doesn't seem to generate a random map, just loads in one that is pre-calculated.
As far as patchwork quilt goes, I agree, I think of it more as a carpet myself though
If we had more textures to paint with it would be far easier to hide the effect (you only tend to see it with one texture over a fair distance, mix it up with other textures and you will hardly ever see an issue). Oddly, baking makes the far distance look more glitchy, with little lines that are very noticeable on the horizon. I also get the tearing in places, I have found that increasing the LOD higher tends to help, but obviously that also tends to slow things more (really we want to be lowering the options, as you can get a good boost here without making a huge difference to the game visuals).
Having random terrains back would be nice and I am hoping the DX11 stuff will finally give us more terrain textures to use. Different brush types may help avoid the circles that can sometimes look odd as well, although it is hardly urgent. Updating the grass system to be able to use several possible grass types as well, would certainly help our worlds look more realistic and varied.
Things seem to be going well at the moment though, so hopefully we may see improvements in this area fairly soon.
SPECS: Q6600 CPU. Nvidia 660GTX. 8 Gig Memory. Win 7.