crakkie,
you are completely rigth. IMO this is the future of all games - dynamically generated random content. This is completely new universe compared with today's technology. We need much more time when it will be available. But even in today's games it is possible to add such - e.g. in KOTOR like games we may think about random placement of boxes/chests and their content, random placement of your opponents before fight, something like this.
I also woulk like to ask software developers (hey, FrankK, where are you ) if they could provide links to some articles on this subject. I've found only on procedural texturing.
Nik.