So far, I've found that every object I've imported from 3d coat into Terragen seems to have like a clear coat on it, like it's wrapped in plastic or something. I typically solve this by reducing the specularity to 0 or near 0, as I consider it the least important texture setting. I also haven't created any particularly shiny objects yet, so it hasn't been an issue so much to do this.
I was going to start a thread on here on what's in an .mtl file as I find that a lot of information is not transmitted to Terragen from other programs. Specifically, bump maps (and specular maps) from other programs don't make it into the imported Terragen object, but diffuse colour maps do. It's a small thing to put them in manually, but it does become tedious after awhile and I wouldn't mind at all if I could eliminate that step.