Dang, I took too long writing the post before this one, you posted before me.The way I understood it is that they draw a 2D global map with fine details and from there the system procedurally generates a representative 3D landscape. This is for the rough ground work of water edges, mountains, forests, ect...
From there they devs go in manually and add fine details and assets to the land.
So from my understanding it's a procedurally generated world based on predefined guidelines with manual details and assets added on top.
Alright, I suppose you guys are probably right, they're most likely going to draw a 2D map by hand and make the island in a specific way. I was under the impression Bare Mettle were going to make an island generator or something so we could explore a new land each world instance. Probably due to how many times the words "procedurally generated" were said when they were talking about the beaches and terrain and such.
Aww, man... now I'm sad.