Murph and I actually got to handle Dan's waki that was in that Blade article. He talked to us for a bit about the Terra tough and if it's good enough for Dan to use on a blade as nice as the Ti-fitted waki, I can't see any reason not to use it personally.
My impression was that it is built like micarta, but has a tiny bit of rubber properties to it, similar to the density of horse-stall matting. I think that combination of construction, plus shock-resistance is what makes it such a good hard-use material.