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It's running on Unreal Engine and I doubt it's even Unreal Engine 4. It definitely looks nice and far better than anything on PS3 and Xbox 360, but that's to be expected. This may be a PS4 demo, but since it's a multiplatform engine I expect the NextBox and even the Wii U to be able to pull off at least this. I'm sure the PS4 and Next Box will be able to render even better lighting.