It's true that indeed that SGI went bankrupt last year, but since then I do believe they have come back with a new finance structure (October, 2006) after convincing its bank that it could turn a profit, that's the information I have any way.
In any case some one in the community with access to the Open-GL API could do it, maybe, but that would be only possible if Terragen where to go open source (Unlikely) or perhaps it could happen once the SDK comes out providing the necessary hooks are in place in the SDK to those algorithms.
Any way that's my two cents on the issue.
Regards to you.
Cyber-Angel