It has to be noted that what we see in this video is rendered on a high end PC and thus doesn't compete in the same league as what we've seen of Crysis 2 since that was mostly console footage.
on the other hand it might still be made in realtime meaning the final PC version of Crysis 2 WILL have to measure up against games like the PC version of Bulletstorm. As Epic's co-creation it should be using all of their latest engine updates. you can already see "directional light shafts" - comparable to what crysis 1's "sunshafts" do - in gameplay footage of that game. The console version actually. Which means even on consoles the Unreal Engine is still under constant improvement. Personally I've had Bulletstorm on my radar for great graphics for a while and if you look at some high-res shots you kinda see the brilliance of the current Unreal Engine, opposed to the blurry, static looking UE3 of the Gears of War era. that's part 1 and 2; they ruled the gaming industry and community more than they really deserved imo. they're solid, simple games, that's about it. = what makes them appeal to a wide crowd, everyone can appreciate the mechanics in GeoW because everyone gets them.
now UE has more than decent lighting, finally a moreless unified shadow system, and the characteristic blurring filter seems to be gone or scaled way back. so i admire Epic for their change into a company I can respect again, UT3 kinda ended our closed relationship that had been based solely on Unreal Tournament '99 and '04. i'd say we grew apart. when they stopped rendering clear images
I see the original Crysis as far superior to UT3 and of course the entire GeoW franchise. It offers more dynamic environments for the player to experience than any game since Deus Ex. There aren't a lot of surprises in the 4-dimensional (3D world + time) gameplay, but you decide your actions from a sheer "catalogue" of tactical maneuvers, that you figure out while getting better and better at estimating enemy behaviour and making skilled use of the nanosuit available to you from the start. so in the 5th demension (all different versions of time), replaying segments in alternative ways, the journey opens up and you enter a surprisingly authentic feeling universe that combines the themes alien invasion and military conflict in a couple of "sandboxes". i think the term fits, every level in a CE2 game is a sandbox for the player. it's like an entire world of futuristic tactical combat - we just haven't seen more of it than a north korean off shore island. i am in every sense looking forward to discovering all the different ways to make it through new york and whatever else is in development.