Unreal Engine 4.8 Launched

Massive update ships with the latest multiplatform VR support, improved photorealistic rendering features, and loads of new toys for making games
Epic Games has announced that a massive update to the Unreal Engine is now live bringing state-of-the-art support to VR developers as well as features for building gorgeous open worlds and photorealistic environments, as seen in the real-time demo and cinematic "A Boy and His Kite". Dynamic height field global illumination, screen space reflections for translucent surfaces, tone mapping, high-quality depth of field, and other rendering improvements are now in developersí hands.
There is also dynamic navigation mesh for open worlds, a new grass system, new procedural asset generation tools, and a redesigned foliage editor.