Procedural Heightmap Terrain Generation
seedofandromeda.com
seedofandromeda.com
This is a nice description of the manual version of the process (in the context of RPG setting design): http://www.giantitp.com/articles/xO3dVM8EDKJPlKxmVoG.html
[1]: http://experilous.com/1/blog/post/procedural-planet-generati...
There is also some interesting information about making quadtree-based quad spheres (https://en.wikipedia.org/wiki/Quadrilateralized_spherical_cu...) in this presentation about the making of Kerbal Space Program, at 30min 40s: https://www.youtube.com/watch?v=mXTxQko-JH0 (the whole thing is worth the watch).
There's only so far you can go with this tactic. Instead of a high-res LOD height-map built with the same old functions, I'd really love to see a low-res off-line calculated world with overhangs, erosion effects, impact crater, and other crazy structures.