Just as an aside about realism: photorealism isn't realistic at all, it's just that we're accustomed to photos and film. So we perceive it as real, even if there are some physical problems yet unsolvable with cameras and lenses. In landscape photography the goal usually is to get the sharpness as much as possible through the whole photography (endless, small aperture like 22 and above if possible, etc.). Some very slight unsharpness is still there, but you could get away without.
Lots of good tips already listed here.
First of all: good water texture
About the pic: The specularity was already mentioned. Partly because of that the stone looks too soft, rather like clay, and even when it's washed out over millions of years, it still looks a bit harder, erosion through wind, often slightly brittle, more and harsher irregularities, etc. In general, I'd look very hard the reference photos, and try to recreate all those irregularities, in form, specularity and roughness.
Also you'd need a better diffuse texture with more color variation.
It's almost impossible to find a good free pbr material for something like this, that's really realistic (even for a wall or so, stone mostly looks too soft, too painted). But it is very hard to recreate one yourself (even with the right tools available).
You're right about details, like rock, maybe some old, almost dead tree, which does a lot to any scene.
I don't do landscapes very often, but when I tried it, I got only halfway realistic results with render times going through the roof, even with specialized software, and even then it failed miserably sometimes (no fun if you look at the result of 48 hours rendering and have to delete it).
With good materials you could get a lot out of any render engine, it doesn't necessarily to be vue or terragen for landscapes (or unreal).
P.S.:
(And the easiest trick is always: Have some point of interest in front and use enough DOF to hide that some details in the background are missing)
(Only available for Windows, but for those of you who actually have access to a pc, there's an interesting landscape generator around:
Terresculptor)
edit: Added "in the background" for clarity in the first paragraph of the P.S.