Admittedly I originally dismissed the notion of procedural generation as the herald of bland, meaningless content, but giving the article another read and thinking about it a bit further has changed my perspective.
With game worlds becoming more detailed the demands increase for time, effort and resources to add these details. Procedural generation has matured over the years, and offers potential relief to the steep requirements of building a detailed game world.
Not all games would benefit from this method. Game worlds do more than just provide meaningful content to look at, they are also the environments in which you play and interact, and these environments can define the experience. I reiterate the idea of "no formula for success": content can be added, thrown out or altered to better suit the gameplay experience. Creating content "on the fly" has the danger of generating content that is unsuitable for the experience, ignoring what I might call the "human factor".
Games can vary greatly, from the likes Half Life - which offers us a linear but meticulously crafted experience, where the environments are built to suit the purposes of gameplay, atmosphere and narrative - to the likes of Fallout 3 - which offers an open-ended world based on sandbox exploration, where not every single region demands (or at all needs) so much attention - and beyond. Needless to say where procedural generation fits in better.
Procedural generation has matured since the days of Daggerfall and its kind, and may mature further. If nothing else, this article points out an interesting development of technology that may benefit the game industry. There is no "good" or "bad" about it, like anything it can be used into poor results just as well as it can be used to create quality work.
On a side note, there is one thing I fail to understand and it's the excitement about the notion of gargantuan worlds. Even if procedural content allows the creation of such massive worlds, what exactly does it promise us? I can't see the benefits here, and the only picture that comes to my mind is a lot of blandness: it's like taking a lump of butter and spreading it over way too much bread. Maybe we can get ourselves a bit more butter, or better ways to spread it over the bread, but it's still too much bread. Maybe I'm missing something here, but I think games should try to embrace their limitations, spending their limited resources for quality rather than quantity. I see procedural content as the possibility to save time and effort that can be better spent elsewhere, not as a method to just create a whole lot more bland than we currently can.