Check out this PS4 game features: http://edition.cnn.com/2015/06/18/tech/no-mans-sky-sean-murray/index.html
It wont happen on this engine, MA has hacked the heck out of it, but they are not even remotely prepared for that kinda overhaul.
A different beast, but certainly interesting. Reading the description, it doesn't really go with the playing style of Entropia, I think. But maybe such a generative algorithm could be employed to create a "surprise mob", which might spawn in special areas or upon some occasion, or be summoned by a player who has somehow obtained the ability to do so (s. Lazidol/Cyrene). Or create a story about a crazy scientist whose reckless experiments churn out such things, which might make for interesting wave events with mobs nobody knows what to expect from. Or... spinning out of control again... damn, where are my pills... the last time this happened was in this thread.
Well, the number merely represents the total number of possible permutations. Like they used to advertise graphics cards with "16 million colours" when memory became bigger and cheap enough to make them with full colour resolution instead of a smaller palette. This is more than the human eye can discern. But the sheer number was dazzing at first, too, and made people buy