This looks like a video. Pretty impressive!
youtube.com/watch?v=Y6PQ19BEE24
Changed link to 60fps1080p version. Thanks Maxey
First of all, I expected Paris, not some house in Paris.
Second, tremendous disservice showing this in 720p25fps when the whole point is to show the amazing visuals.
At least you can download the build and check it for yourself.
it runs on my 7 inch 99 dollar tablet at 30fps 
only at 320x240 
at native res 1280x800 I get 0.2FPS 
Oh lol, so there is a better version of it. I only saw the 720p one.
Ohh myyy that is sexy. It’s like I’m there, it looks so real. I wanted the whole city, or bits anyway, like what Maxey said. If this can be done with something as expansive as a whole city, God we’ll have a truly “next gen” engine.
Assassin’s Creed Unity actually uses this same type of lighting and graphical features to render the city of Paris and many of its interiors, although with a huge impact to the game performance.
The actual games made on engines never live up to the tech demos. They showed off a bunch of cool stuff when UE3 was introduced as well that almost nobody used in their games.
How I feel about this:
I agree with them depending on what the intent of making the environment and video was. Baked lighting might be fine in making environments like this but in actual video games we should be getting away from baked and scripted things in most cases. If you’re responding to people freaking out about how good it looks then pointing out that almost nothing in it is real time is a good response. You can make stuff as good looking as you want if you render it for 24+ hours too but that’s hardly impressive for something that needs to be interactive. I feel the same way about baking in lighting and shadows. Yeah, it can look good, but what’s the point if the end result is a static and boring environment for a game to be set in? In the scope of video games, mind you.
Well, for two reasons, really.
Baked lighting looks really, really good. You can simulate proper radiosity, with plenty of light bounces and even colour bleed, with no impact on the end user, which can lead to really stunning results when used properly. You can’t get that sort of thing real time, simply because hardware is not at the point where it can do that kind of math in that volume and still run at interactive framerates.
Secondly, just because lighting is baked doesn’t mean it has to be entirely static. You can project dynamic lights onto surfaces using baked lighting for any light source that has to move, and switch or even blend between different sets of baked lighting for things like lights that have to switch on and off, break, or pulse. Adding a lot of different states for baked lighting increases filesize, but there’s essentially zero overhead for the CPU or GPU to switch between them once they’re loaded in.
Now, I will grant that we are at a state where we can fake basic lighting in real time really well, and a lot of recent games with day/night cycles have gotten the various ways to make sunlight look beautiful while still running at a more than adequate framerate, but it’s still going to be a little while before we can do the quality of baked lighting real-time.
Everything in game development is cheating - and I see no reason why we can’t do it in a way that allows us to bake most of our lighting effects and still have things feel dynamic and fun.
On topic, The paris demo has a lot of nice content in it, and I really don’t want to wait any longer for github to approve me for the student pack so I can get an educational license for UE4. Really want to give it a whirl, see just how far the development interface has come since UT2004’s version of unrealEd.
Here’s a collection of Unreal Engine 4 demos
A few screenshots in the spoiler:
[spoiler]
[/spoiler]
(most taken at 5760x3240 + “HighResShot 2” command)
Dislikes:
• Aggressive shadow LOD (impacts the visuals on the “ShooterGame” demo map “Highrise” a bit - the shadows of the windows)
• Chromatic aberration can’t be disabled (through config or console) in some demos 
Pretty cool otherwise - good performance, looks good.