A lot has been added and/or improved.
Release notes are 88 pages long.
The biggest thing is support to all major VR SDKs (Valve, oculus, Samsung, Sony...).
Also, Unreal Engine games now have full game replay recording and playback. New in 4.8, you can now "scrub" to a specific time while viewing network replays!
I just like the open world stuff.
Plenty more new stuff.
If you are interested, read full release notes.
I just hope CryEngine fellaz are not sleeping on the laurels of past glory.
Release notes are 88 pages long.
The biggest thing is support to all major VR SDKs (Valve, oculus, Samsung, Sony...).
Also, Unreal Engine games now have full game replay recording and playback. New in 4.8, you can now "scrub" to a specific time while viewing network replays!
I just like the open world stuff.
Some of the key features that Epic added or improved upon in Unreal Engine 4.8 include a new grass rendering system used for large scale landscapes. Using an instanced approach, the new system renders only the areas that are in range, dropping and adding procedurally and generating instances dynamically as needed.

Water and window reflections now have the ability to dynamically reflect other objects in the scene. Screen space reflections will work on translucent materials when enabled.

Epic added a new high-resolution example character that is now the default option. A lower-resolution version is available for free through the marketplace that is suitable for mobile devices.

- New depth of field algorithm called "Circle DOF"
- High performance DOF technique with circle bokeh and nice transitions from in to out of focus
- Circle DOF controlled by physical camera parameters: fstop, focal length, focal distance
- Supports a distance based blur to simulate light scattering through the atmosphere
- New film like color and tone response
- Matches the Academy Color Encoding System (ACES) (http://www.oscars.org/science-technology/sci-tech-projects/aces)
- Added additional color grading and white balance.
- Baked into 32x32x32 LUT so it is 50% faster than before.
- r.TonemapperFilm 1 to enable

Plenty more new stuff.
If you are interested, read full release notes.
I just hope CryEngine fellaz are not sleeping on the laurels of past glory.