I think Battleground Europe is something like that.
Yes WWII Online (or Battleground Europe as it has been renamed) is so far IMO the only game that would fully take into use the awesomeness of this engine.
The developers are not that keen (or so it would seem, there are some techincal stuff that I for obvious reasons do not know about hindering it) on moving away from their own developed game/graphics/terrain engine etc....
It is my hope that they WILL one day re-think and realise that this engine has everything they could possibly wish for (or so it would seem from what I have read).
IMO it could be taken further, but the genre that would get the most of this engine is indeed the warfare simulation genre, as you get the air, land and sea all rolled into one - but it would not make much sense if you did not go MMO for it as well...
What would I do with this engine then?
Well I would go the MMO warfare simulation way also.
The era is not so important, that is more a money question (everyone knows that the WWII type of games are the big sellers) - but a newer era game would get more out of this.
One could only imagine a scene out of Red Storm Rising with a F-15 moving to its maximum altitude to bust a satelitte come to play here.
But IMO any game that is so detailed would require MORE than just the "action" part - a seperate game would be needed (in cooperation with the "action" part off course) - since you cannot (or at least I cannot) imagine such a complex type of game be effecient or even organized without a strategic part - so for these players (the generals) a seperate type of game would need to be developed - a game where they in a typical strategy type environment would be able to operate based on input from the "action" part, and the "action" part act on the orders from the "strategy" part.
I have always had a thing for the old NATO vs Warsaw pact scenarios myself - and making a simulation based on that scenario would get the most out of such an engine as this one - again IMO (just imagine a tactical nuke blast a hole in the front - how awesome would that look using this engine)