We've seen assets that quality, we've seen lighting that quality, just not in the same game at the same time. Fortnite has all the technical features used running on consoles already.
i'm sure in 18 months there will be assets that miss the mark for people to pore over. But I also believe within 6 months we'll see some games that are 12 months away from release that look very, very good.
One of the challenges with scaling that level of environment detail up is that it doesn't compare to the size of a normal game. One guy, very talented, working on a little village for 8 months can have that location use up 30gb of disk space or more and totally max out available GPU memory.
I noticed he said the water simulations are done in houdini - I dont know his exact process but if you're working on your own machine with an m.2 drive, you can just let those be 20-30gb+ and call it a day, streaming from disk. that aint going to cut it in a shipping title. He's thrown around megascans assets with no consideration to re-use or density.
Stuff like that just isnt practical, it'll get optimized into oblivion. If you're looking for compromises you'll always find them.
However, I personally believe most of what's carrying his look is simply nanite/lumen and super detailed megascans assets. That is absolutley coming in 18 months.
Plus a high contrast LUT and a good eye for details, but that's not a technical thing. A hand held style camera always helps too.
If you optimized that scene to fit into a sub 10gb executable and gave people full control to run around at top speed, filled it with npc's, some of the look would wear off. Not even getting into his color grading - it's so high contrast, the game version would never make it out of QA as people would miss NPC's in the shadows.
edit:
lol an example of 'throwing geometry at it' - look at his roof tiles
https://cdnb.artstation.com/p/asset...shi-cliffwoodvillagepicture-57.jpg?1680332516
They're rocks. scaled down to 10% height and copied over each other thousands of times.