Just tried it and it works fine.
Here's what I did.
Opened a default terragen scene
Selected the planet (Planet 01) and copied its coordinates (xyz: 0, -6.378e+006, 0) <<<these are the default Planet 01 coordinates.
Deleted the Planet (Planet -01)
Created a new planet (since I just deleted the Planet 01 its also called Planet 01) and pasted into its coordinates the data I'd just copied from Planet 01.
Holding down the "Alt" key I can still navigate about the scene with the left, right and middle mouse keys as I normally do.
The only difference is that the New Planet 01 has a default terrain attached to its internal network so you do get some very large scale mountains.
IF however you have not set the new planet to the same coordinates as the default planet then the cameras moves may be not as you expect.
The further away from the CAMERAS zero point the more amplified the cameras positioning becomes. The cameras zero point is on the surface of the default planet, 6.378x10^6 meters (default terragen unit) above the centre of the planet.
Assuming none of the above is not relevant, then all I can assume is somehow your key bindings have become corrupted and a fresh instalation would possibly help in this case.
Hope this helps
Richard