Graphical Observations:
Clouds:
Addition of "pebbly" (?) cloud layer. Probably a texture based sheet above the volumetric system (I don't imagine volume tracing can get this kind of fine grain detail at reasonable performance). Nice in that it adds more texture to the sky, in ways that were lost when we moved into real time volumetrics, which although superior thanks to their dynamism and responsiveness, are indeed more blurry than good old textures. Here we get the best of both worlds to some extent, but the different tech do seem to clash a bit...
Bounce Light:
Some orange light is bouncing from the character's shoulder and into their chin here. Light bouncing from dynamic skinned characters onto themselves is a specially hard problem in real time graphics. Although, what we see in this scene specifically can perfectly well be covered by Screen Space systems. Although, this is a pretty strong and far reaching contribution for SS. The larger the SS reliance, the larger the uggly disoclusion artifacts. Again, this is of course a cut-scene, and could very well have a artist-placed spot-light right there to emphasize the main character's face for the dramatic reveal.
World GI:
More examples of great GI here on the buildings. The central building here, more specifically, along with many others in the back, do have their shadowed side get som pleasing light bounce from the environment around them, which really heightens their sence of volume and whatnot. The final result here works, as far as this scene in question is concerned. Many techniches with varying degrees of real-timeness/precomputation can achieve this here.
Windows / Interiors:
Are these modeled with real geometry? Parallax tricks (does not look so)? Raytracing based portal like Spider Man 2? Who knows... Reasonable variety, and lighting response consistent with the outside (unlike spiderman).
Screen-Space Reflection artifacts:
These are very clearly disoclusion artifacts from SS reflections. That does not preclude the game from using other reflection tech such as RT in addition to SS, but it confirms SS is used to fill in the finer details and shading that the other systems can't reach on their own.
Shadowing from car headlights / Heavy persistant smoke:
A lot of shadowing from car headlights here. Likely using screen-space trickery as well based on the suspicious silhouettes of the shadows.
Also, a lot of tire smoke persisting in the scene here. They can't be just brute-forcing hundreds of huge soft smoke sprites here, can they? They might have implemented some sort of volumetric smoke system of for the soft lingering smoke and fog...
Police car visible in side-rear-view mirror:
This has useful gameplay ramifications, specially for 1st person driving.
Car reflections - Not SS based:
This is one of the most visible exemples in the trailer of what non-SS-based reflections look like. Probably RT based.
Naughty Dog's Pattented Chest FX hair sim:
Take that Neil!
Would be interesting if while playing the single player campaign you run across other players dicking around in the city. 
