Cloth simulations are difficult if you don't know what your doing. However cloth simulations are not that difficult to implent, the difficulty is whether Oleg has the resourses or will to put it in a parachute.
Cloth simultaions have been around for years and are readily availabe in many common Physics / GPU API's:
nVidia + CUDA
http://developer.nvidia.com/object/d...imulation.html
ATI + Havoc
http://www.havok.com/index.php?page=havok-cloth
Here is a realtime cloth demo using Flash 7
http://www.custom-logic.com/exp/cloth/cloth.html