Just imagine if procedural generation of planetary surfaces was like
this
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I hate to think what sort of rig you would need to do it on the fly though
The procedural generation in Elite and most games that use it isn't on the fly. It's used to create a large mass of content, that is then selectively curated and tweaked to get the desired result.
-Edit- And then everyone just gets the data generated do they don't have to reprocess the whole thing. -edit-
For example, they could use math to plot out Earth's topography procedurally to get it "close enough" and then go in with some personal detail to make sure that certain landmarks are there, the same they did with the stars in the night sky: Have math generate what should be there based off of known equations and then make sure the most :"mportant" (known) ones are as they should.
That vid was nice, but it was simply fractals, which are already used in most planetary landmass generation algorithms. The nice thing about them though is that in essence, you can go on forever in detail.
The easy part is to make stunning vistas on alien worlds, the hard part is to have something to do on them besides ohh and aww/