Apparently it's thermoformable too. Cosplayers use the thicker floor mat sheets a lot to make armor and props. It can be bent with a heat gun, and sculpted/carved with a wood burning iron (though I'm not sure if the iron is used full power, or reducd with a dimmer switch or something). I recently saw a guy on another forum who was vac forming pasks using the thing craft store type sheets.
Not sure what all the terrain applications of all that would be, but it does seem like it could be useful for something.
At the very least, I can imagine maybe getting enough large floor mat "tiles" to cover a tabletop, and using heat tools to give it hills and gullies and streambeds and such.