Anything is really better than what Unreal has now, where you have to place all your lights manually, and then add more lights to simulate bounce. The engine doesn't do any GI or AO.
According to the article, it says that they "will" integrate it, implying that it isn't integrated yet. Right now, with UE3, you press a button to bake, wait for 2 hours, and then your bake is done. I'm curious how that will work with GI, since GI renders could easily take much longer. Will it be the same process, or will you have to integrate it with something like Qube?
Custom radiosity schemes can actually get pretty cool. There was one that would find idle Xenon dev kits at night and run the raytracer on them. Every unused dev kit in a large game studio...that's a lot of rendering power.