Firstly, I watched a demo for Oblivion before it was released, and the game featured dynamic shadows. They appeared to add A LOT to the game. They weren't in the final game, however. Do you think the final version of Skyrim will still contain dynamic shadows? And secondly, will Skyrim feature "god rays"? I was recently replaying Read Dead Redemption, and the best thing about it's graphics (imo) is it's "god rays". They make the game look so much better.
http://oyster.ignimgs.com/franchises/wiki/grandtheftauto.ign.com/default/uploads/2/20/RDR_Sunrise.JPG