Reality Engine have been baught by Unreal 3 company !!
But for such price indeed you can perhaps find better alternatives i think or
hire an interested really talentued programmer if you have a real serious
commercial game plan.
Like BV engine where authors have posted an ugly demo : they decided to post
demo with textures of the wire UVMapping to avoid bad critics

Ogre3D terrain is LOD , like Guild Wars games , i don't know if chunk terrain
is better or if a combination of the two would be better !
the RTS was slow : caus no optimisations , all things displaying simultaneously,
with any LOD , BV engine authors have encountered same critics with their
grass manegement demo caus they had done no optimisations at all (no LOD , no optimisations, too many meshes etc ...)
i 'v tested Ogre3D terrain : nothing to say , perhaps a real game based on it's terrain could show the real problems ??
don't forget Ogre3D is really plugin oriented , if i remember well it supprots LOD and perhaps chunked terrains ...
"this engnine needs some work"
Indeed lot of work ,and a serious price drop down

Thta's strange but for me it has been a great experince : all running smooth ,
all shaders we need and fullscreen ones (motion blurr, glass etc ..) ,
lot of animated models running with script at same time , really fast load times compared to BV or 3DGS ,
all smooth compared to same scenes on other engines

I don't want to promote the engine , i don't
need really to collect one more one (incomplete one without tutorials , docs)
But i found it smooth , with lot of interactive scripted things , 3D panel menus
to ropd ennemies and other staff, physics working and running correctly
all fast and smooth ... that's why i can't say it was bad or slow

I 'll tests shadows tonight, even if i know that feature is Frame rate eating even on AAA games running on my PC (sometimes i disable them or put at minimal setting).