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Originally Posted by danielf
Basically, it makes a hole 
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Slightly more involved than that, and also you have to take into account weathering and other geological action that can subsequently change the landscape.
So while the 'hole' might be less evident, matter ejected from the crater might still show or some features of the original crater.
e.g.
Also here:
http://www.solarviews.com/eng/tercrate.htm