Just saying that if the game still looked like the PS3 version of Versus (which already had better than required graphics) the game would probably be running at 60FPS, with long range teleports, airships galore, and maybe even some playable summons
But hey, at least now we can do timelapse videos of the lighting engine, right? That's definitely more important.
Versus looked very much like a early ps3 game though.

If they re-revealed this on next-gen in 2013 the game would have been a laughingstock. VXIII also had changing time/lighting back then as well.
SE really has to learn from the past and stop making their own engine from this point onward. Great graphical fidelity is always welcomed, but if it halts development so goddamn much, I would rather they focus more on art style and various other things and shipping the game out.
I keep seeing this but I think people should take into perspective what has actually occurred. SE didn't switch over to the full Luminous engine until 2014 and were just using their PS3 Ebony remnants until then; since that switch XV has made some pretty great progress and we got a playable demo a year later. Regarding all of the UE4 talk in other threads though, Luminous' development started way after UE4 which Tim Sweeney started working on since 2003. Luminous didn't start development until 2009 when Hashimoto moved over from Sega to SE to be head of its development. UE4 is an awesome engine but I don't blame SE for having their own plans and goals, especially when UE4 didn't release until 2012, the same year Luminous released. Both engines released at the same time but engines are always getting worked on and improved on, and in this case UE4 had a 6 year head start. Luminous' feature set, rendering capability, and tools obviously still needed work, and it's not surprising UE4 has better tech documents, tools, and support with its longer dev time. There's no way SE would have known this when they started developing Luminous, and they aren't going to sit around and wait for someone else to create a third party engine when they don't/can't even know how it's going to turn out; this is after they've already encountered problems using UE3. Hashimoto was a huge hire and they weren't going to just drop him and Luminous in 2012.
Now Hashimoto left Square in 2014, the same year FFXV fully switched over to Luminous, maybe he felt his work was done and he wasn't needed anymore? He was still an advisor for SE after he left. Luminous seems like an engine they would be able to expand and improve on for next-next gen instead of recreating another one from scratch. ATM though, who knows what's going on. I like to remain optimistic about it, but I'm really interested in that Tabata interview about Luminous...
Regarding development time, it was always going to take a crap ton of time to model all of the assets if XV is as large as we've been speculating for the past few pages, regardless of the engine used. They probably spent a good amount of time since 2012 just doing modeling work for the e3 2013 reveal, game assets which they're using now, and they still had to hire even more people to mass produce assets/models in 2014. This isn't even taking into consideration Tabata has been making changes for who knows how long or recently. The scale of this game would take a long time to develop regardless of the engine.
FFXV TGS 2014 PR shot
Episode Duscae 2015
And the question is how would an open-world game like XV scale on UE4? There's currently an early-access UE4 open-world game supposed to release next year, doesn't maintain a stable 30fps on a GTX 960 on med settings, and looks like this.