An interesting Idea. I've always enjoyed the concept of the world not existing when it's not being observed, and the way it's completely regenerated is interesting too.
However, there is a bit of a load time upon rotating to a new section. I'm not sure if you have plans to continue working on this, but instead of only loading the terrain that's in your FOV, why not just reload the terrain that's no longer in your FOV, while keeping the rest of the world constant if you understand what I mean by that.
Otherwise, this is a really fun concept, and it makes for a really cool game!