Similary a tool could let you deal with textures of any size and automatically chop them up in more parts, polygons which contain more than 1 Part could use a Shader for "merging" (I believe QuakeWars will do something similar). Could be useful for limited stuff like the brickwall of a House. Thats as far as I see use for "painted" Megatextures. In the end, you wont have unique textures for everything, as one of these Megatexture will have ~4GByte, maybe 1GB with compression - restrictions have to be made anyways, be it because streaming the tiles fast enough or having artists painting all this stuff. Let alone if you want more interactivity like the grass on the floor being turned to mud after an explosion, or even deformable terrain a dynamically created surface will be better suited.
(And TBH, I`d rather see interactivity than unique, but prebaked dirt)