Do you think this will affect the Kingdom Shader concept that Nomura was talking about during the reveal? From my understanding, it would provide a different graphical feel to each world you explored. I'm not knowledgeable about how UE4's architecture, but it it robust enough to handle vastly different graphical styles in the same game? We know it can apply shaders and filters, but the vision of what they were going for sounded more ambitious than that.
Kingdom shader is just a buzzword. Its just the artstyle applied to each world enhanced by specific shader flters. They can replicate the same look on UE4. And take it much further since they were constrained by what little Luminous could do to start with.