There may be instances were the new engine will provide advantages like the additonal lights in the scene above (although I'd like to see both in motion to determine if the extra lights are really adding something extra there) however in general, particularly in the outdoor scenes the HDR is way to harsh and washes out the rest of the scene. That's not "way better" IMO. Crysis uses HDR, but the implementation is more subtle and much better than what I'm seeing in these shots.
I think I'll be digging out my version of Crysis later for a little screenshot fun