This topic has been brought up time and time again... In the end I believe the final verdict has been "We're working on that." Now that we have the Firma and Nova worlds, I'm not sure what staff plan to do with it. So far all we have done as community is let it sit and rot. Now I know a few players have stayed in Terra, and even a few that go back and forth between the two worlds frequently, I personally only use Terra for my IC machine: but the fact is that the majority of the community has migrated to Firma and Nova. With that said, the questions now are "What to do to bring Terra back to life" and "Why do we NEED two land claiming worlds anyway?".
The above suggested regeneration is simply too big a task for the staff in a world twice the size of Firma. In addition to abandoned buildings there are also many world griefs from gem armor, quarries, etc. Why we don't have an "elite group of regen dudes" has already been discussed as well.
Another way to deal with both of these problems is to completely reset the Terra world and begin anew as we've recently done with the Nether. Yes, I said the dreaded reset word! And for once, I think I would be alright with it. I have sooo many unfinished projects in Terra it's ridiculous. Maybe that makes me a bad player, but I have no intention to go back and finish every single one. If I ever do change my mind I can go back in a single player and load up the ol' Terra world from a download link Thowee gave a while ago. Thanks again btw.
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