FF7R is stone age lighting technology in comparison to the Elemental demo from 2013. Lumen in UE5 though is a kind of reset button, bringing back a similar technique to that seen in UE4 in the elemental.
These ultra compressed "4K" videos are a really poor way to show off next-gen. Why is the compression so bad? I don't think YouTube is the culprit here.
Is it safe to safe, with the amount of detail involved as these technologies progress, that game development is just going to take longer and longer? Cant imagine how much time they are going to need to make assets and whatnot for big open world games on next gen consoles.
The virtualised geometry made me think of just-in-time geometry delivery from storage. I mean with that asset quality, that data size, I'm guessing storage throughput counts for something. And maybe that's why PS5 was chosen to demo this? I wonder what the IO requirements are anyway.
edit - Tim Sweeney basically immediately honed in on storage... so I'm guessing this was indeed a key thing here.