Was hoping for a polished big budget release on UE5, but another ambitious more indie title is still neat to see. I suspect the lack of nanite in a lot of places is more to do with getting advertising $$$ from Nvidia, which means showing off things like RT shadows, and thus no budget for nanite foliage/etc.
That being said, I suppose the concentration for UE5 might be more towards getting dynamic GI and etc. to run at 60 on current consoles, and 30 on Switch 2 at all. This seems a really popular target rather than pushing visuals at 30 on PS5 and Series X.
Regarding that: How much does rendering VSMs consume, and how much does tracing the shadowmap consume? A cheaper soft shadow map solution might like the current CoD one might save a ms or two on lower end hw. But for rendering VSMs themselves all I can think of is that "constant time vsm" trick, where VSM gets a constant time budget and only renders the highest mips it can within that budget. Sure the next frame could see a pop to higher res in some tiles, but it seemed to work well enough from what I saw of it.