Parallax, specular, height and diffuse sure does look impressive. There's still a few issues in the new terrain for RoR, but it's looking like that side of things at least may get a massive graphical update soon thanks to tdev. This first texture took about five or ten minutes to make and doing it properly yields some pretty specular results ... hehe.
I think the trick will be to use these new options with care, going overboard with specular and all the others looks good but can often look quite unrealistic. Unfortunately it's quite hard to get things looking realistic as it requires a lot of fine tuning.
The following is an extreme example to highlight the effect:
This next screenshot shows a more realistic set up:
The following is a composition of 3 textures on the map: sand, dirt and wet, cracked soil.
It'll probably be a while until they make it into a map for RoR, but it's going to be awesome when they do :)