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Features:
Terrain editing
Lightmap (with shadows) generation and filtering
Splatting
For now editor supports only 2 splatting overlays (because of limitations of Irrlicht).
Load save lightmap/splat map (heightmap saving does not work for now, but I will fix this) and save project into .xml file (later I will release the terrain scene node, which is able to load them).
Future plans:
Changing/editing brushes.
Changing the light direction
LOD
More splatting layers
Download: here
Development thread: here
Check it out and post your suggestions etc. here.