It could, but right now the planets would be extremely uninteresting because the fractal algorithms are currently tuned to augment existing terrain datasets, and they would not produce interesting terrain features globally.
People usually use some form of a ridged perlin noise that gives a better look of the terrain than the generic noise, but it's still incomparable to the natural terrain. We want to do a multi-layer approach to this, having separate generators tuned for continent shapes, river basins, mountain ridges, biome distribution etc.
But for now we are focusing on Earth.
