Let's say you have your finished terrain, it's working in-game, and you decide you want to add a cave. You're screwed. All the hand-drawn touch-ups will be lost. This is not an insignificant limitation.
Like I said, the programmers who only deal in abstract ideas and tech demos will dismiss the practical implications of this, but the development teams that actually have to produce shipping titles are going to feel it.
It's uneconomical not because of the unique texturing, but because it makes the production pipeline much more inflexible. I will be proven right once people start using the technology in a production environment.
What is uneconomical is trying to do the final art and basic gameplay design at the same time. What id Software (and other devs...Epic specifically) do is they rough out the gameplay and geometry until it's final...as in, that is what they want in the final game and they won't change anything. Then they move on, and the artists come in and go crazy making it look pretty. So the times that they come in afterwards and decide to add a cave or something after all that is finished should be pretty minimal (as in never).
In fact you can kind of see this with Quake Wars...the terrain texturing in a lot of older screens and especially some of the leaked beta test screens looked absolutely awful...this was because they were still working on the terrain and they hadn't gone in and prettied it up yet.