I agree with JulzMighty that this level looks good because of the artworks. But I already mentioned the shadows above.
Even Scorpion (he just told this would be possible in A7) asked in a thread this question: "btw...is there already some kind of shadowmapping that could used in a7..with acceptable results? and if not(I guess so? )..."
This means he is aware of the shadow problems. So I would like to see it. I mean: shadows and shaders at the same time, normal-mapping, bloom, hdr, vegetation, a big level with good scene-management. And please remember the render-speed of the small venice-demo with only a watershader without transparency.