I have used blitz terrain and it is very fast. I don't think I sussed how to make more than one terrain with it though so ended up going back to normal DB ones. Perhaps it has been updated?
Regarding terrains in general, they can look good, but are limited. Nice caves or overhangs are pretty impossible with terrains so you would end up using a combination of a terrain and objects to get a varied environment up say for a rpg. It would be nice to see some way to get something similar to John Carmack's mega texturing system on DB ;p
http://s6.bitefight.org/c.php?uid=103081