Weird differences. At the very beggining, the pilars seem to show a very strong reflection of the hanging cloth, which is a dynamic object, but it is so strong it makes me think it's something elese, like a lit candle, but I see no lightsource there. First demo didn't have that, but reversely, there was strong reflection of the blue light coming from that cave on the nearby wall, this one is now missing on ps4. All that could be consequences of the different sun position on both demos.
The other funny difference is the opening door sequence. Both demos had wrong lighting in that sequence, in the first showing, that part was really dark, and kept so even after the door opened, wich should have brightened up the inside environment. On ps4, that whole section is lit by the outside, but even when the door is closed! That is the kind of out of place lighting that always jumps at me on evey Gears of War game, but it's somewhat uderstandable with UE3's very stactic lighting model. With UE4's big push for dynamic lighting and no baking, this is somewhat odd. The ps4 version suffers the most as this artifacts causes the door to have all sorts of out of place specular reflections on the borders of its geometric details, the kind of thing I can't believe most artists didn't notice, and I don't understand why they would neglect that, but they did. The ss specular occlusion proposed by Tri-Ace would be perfect for that particular scene, but the engine does not support that apparently.
Lava scene still displays the whole body of lava casting light into the scene. Evidence of Voxel Lighting? Maybe, but they could have found another way to do that... At around 1:10 there was very strong parallax on the streaming lava on the first showing, but this is either missing or much more suttle on ps4.
The latter shot is the one where the omission of cloud shadows is the most obvious, the most clear and non-subjective compromise of the ps4 conversion. You can't just say this was an artistic choice, the clouds are not dimmer, they are completely absent.
This last lava close up has vey different lighting on both versions too: the ps4 seems to have a rather obvious point light atatched to the tip of the lava stream (watch its specular highlight) which disapears after the lava goes under the pillar (did it go inside with the lava? haha) That was handled completely differently on the first demo.
The outside mountains are completely different too. Aside from the the whole cracks openingn and ice monster awakening thing that simply didn't exist last year, they have other rock formations and somewhat cartoony looking pine trees now.
Overall I'd say this latter demonstration looks less organic and "CGey" than the before. The general look of lighting is sharper and less smooth now, which creates better contrast, but seems more artificial. This is the kind of demo I use to hate. As it shows a good end result, but what I wanna do is be able to point at very speciffic things and say "this is tessellation" "this is sprite based depth of field" "this shadows use variance shadow mapping rather than pcf filtering" and so on, but it is clearly designed to not do that. The focus is on the overall look and feel of stuff. But on something this "directed" the general look and feel is meaningless, and not very representative of what real gameplay could produce.