The key differentiating factor between last year's demo and this newer iteration is that the Sparse Voxel Octree Global Illumination (SVOGI) lighting system hasn't made the cut. Instead, Epic is aiming for very high quality static global illumination with indirect GI sampling for all moving objects, including characters.
"[SVOGI] was our prototype GI system that we used for Elemental last year. And our targets, given that we've had announced hardware from Sony, that's where we're going to be using Lightmass as our global illumination solution instead of SVOGI,"