They're not showing anything that hasn't been done even on current gen stuff. Some of it looked decent, but some of it looked pants. Bad textures, weak geometry etc, especially on that sub d example. They mentioned volumetric lighting, but everything I've seen from it thus far seems baked. Maybe they just have canned light shafts, who knows.
Isn't there a screenshot that clearly shows the sun in one area of the sky and then the lightshafts coming in from some completely random direction? Like the sun is in the top right of the screen and the light shafts are coming in from the left.
Edit:
Not sure why it isn't showing up, image URL's in my post.