I think I know what you mean but I think that's a usage problem rather than a limitation of the product
Other then what I mentioned, there is a lack of community activity (which always puts me off from products of the sort), and the price tag is a bit high (76.90 USD). What about several dynamic quadpatch blocks with 1 large tile tex per block, scaled so the texture appears close to its true res on screen?
I have no idea what your talking about there. Is minib3d a reliable and tested solution?
Not exactly, but the new version should prove to be adequate - I'm not even sure if what I'm making will be commercial (everything is pretty much in contemplation stage, yet I still want to develop a terrain system). you could run into performance issues as a number of draws will increase and at some point turn into a bottleneck
What kind of things would raise number of draws? shadows? multiple texture layers?