About the real-time global illumination with spherical harmonics, Unigine Corp says, "A new, real-time global illumination based on precomputed spherical harmonics allows to render high-detail diffuse lighting with interreflections and angle-dependent specular highlights. It is fully interactive: soft environment light illuminates both static geometry in the scene and dynamic objects moving around it...The stunning lightmap-like quality is achieved by using automatically generated LightProb...Global illumination is available across all APIs and is well scalable performance-wise... As you can see, GI makes a huge difference: it brings a truly photorealistic visual quality to a scene."
Here's the difference that the global illumination makes on rendering:
More information on the latest improvements to the Unigine Engine can be read about from this devlog posting.
For those still wondering about when Unigine is going to release Unigine Valley, the latest I heard out of the company several weeks ago is that Valley is basically done and released to their customers, but nothing that's publicly available yet. This is rather upsetting and really sad to see, but hopefully it will get a public unveiling soon...