I have been thinking about this. The only thing I can come up with to get the result quality like in my image examples, is to start with the object and then build a scene around that.
Make the model and texture, and then make a scene that matches the look of the model. Make the terrain look like the stone the statues are cut from.
Then try to get the terrain to hug the object, not just let the object sit in the terrain.
Here is how someone else went about trying to solve a related problem:
"...I use several Painted shaders, each connected to a Displacement shader. With a separate camera I circle the building and paint the terrain underneath it. With the values for the displacement I can raise or lower the terrain where needed. It's a rather crude method IMO but I do rely on vegetation to mask any imperfections."
AndyWelder
http://forums.planetside.co.uk/index.php?topic=13909.0Sounds like a rather complicated way to do it. Anyone know a easier way yo get at what andy was doing in addition to what Kadri mentioned?