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What shaders did u use? Does unity scene have Lights ot it's UNLIT-shaders? if yes - did u place them in the same places where vray lights were...
Yes, this is shader. It uses "Transparent -> Cut-out" for polygons you painted. You can use more textures. I decided to pick the 4th splat (rgbA).
Terrain holes is an improved terrain shader. It allows you to erase or create holes on terrain by using the built-in terrain brush - just as...
"Terrain holes" on asset store: http://u3d.as/content/tigran/terrain-holes