So I've been looking through the code and the docs, this is a rather disappointing "advancement" when all is considered. At least from the rendering end. It's just static cubemapped reflections with a few recent hacks like projecting onto shapes, cubemap blending, and pre-filtered mipmaps.
The reflection capture is placed by hand, it's all static (no realtime relighting, which I've been thinking how you'd do with cubemaps). There's all the usual problems of light leaking and relatively high memory requirements. Transparencies aren't handled that well yet, nor are multiple lighting models. I don't see how this is a production ready environment for some of the games announced to use it (Fable Legends will surely keep the series trademark interactivity, night and day cycle, and etc.)
The blueprint and scripted materials are quite nice, the editor is nice to use. But it's a vast disappointment compared to the Elemental demo shown 2 years ago. Ohwell, C'est la vie. I guess I was just hoping for a new paradigm of some sort. At least the code is well written and commented, and the docs are nice and clear for anyone to read.