Something really cool about this approach is the marching squares algorithm is highly parallelizable which would make this a good candidate for GPU acceleration provided that there is enough memory.
I implemented marching cubes in the 00's to extract isosurface meshes from PET scans. As far as I can remember I had it operating real-time on regular CPUs. The volumes were in the order of 512^3 if my memory serves me well. I guess GPUs could help for very large volumes though.
You wouldn't need marching cubes to operate real time - it runs once, generates an iso-surface mesh which can be efficiently rendered in hardware.
Edit: my thesis advisor was the first to prove that there were exactly 15 distinct configurations of voxels in MC, which gives you the ability to perform constant time lookup for the (configuration, rotation) for vertices on the edge of any particular voxel. http://graphics.stanford.edu/courses/cs164-10-spring/Handout...
It's pretty efficient, O(N), where N is the number of cells (partially) covered by something (which means some pruning of the cells that need to be processed is desirable otherwise you'd have to evaluate all of them for quadratic complexity). The algorithm is also embarassingly parallel, every cell can be processed independently so it scales perfectly with the number of processors available (if you forget about contention effects).
So metaballs aren't distinct mathematical objects that you can model on their own (like a fractal or a cylinder)- rather, they're artefacts that are created when sampling in certain ways circles/spheres intersecting?
Metaballs are a family of implicit equations that are visually interesting and easy to set up. They all come in the form of a summation of some function of distance from a control point over a set of control points. The appearance of spheres/circles intersecting is a consequence of the popular falloff-type functions.
You can think of metaballs as a bunch of glowy points. The implicit surface that is shown is all of the points where the glows add up to some target value.
I remember when almost every demo had metaballs in them. Now that's been replaced with distance functions/raymarching, which can produce far more interesting scenes.
You don't care, but I got to shake hands with Bill Lorensen (marching cubes), Alvy Ray Smith (cofound Pixar, co-invented the alpha channel), Jim Blinn (need I say more?), Tony DeRose (really improved Subdivision Surfaces), Anthony Apodaca (Director of Graphics Research and Development at Pixar Animation Studios, co-created RISpec)...
I used that in the 90s to do a Lisp implementation: http://people.cs.uchicago.edu/~wiseman/3D/marching-cubes/