Is that real-time ambient occlussion? Blimey... now that would be trully impressive.

Looks simply gorgeous. Good to see a game developer carefully looking at lighting for a change. Far more important than raw polycounts.

For those who are wondering, Fresnel reflections won't make everthing shiny all the time. The polys only become reflective at very steep angles, as it happens in real life. Next time you drive just look at the car in front: The roof will almost be a perfect mirror, reflecting the sky with great detail, while the back of the car will be just slightly shiny. Same metal material, just different angles.

Top job!