Well, I still don't have it on my hands, but after talking to the S2 developer, I can say a few things about it:

Next videos will be about Workflow! And they say that it is very similar to Cryengine.

The script language is proprietary, but it is very similyar to c-script.
Those videos were running on a machine with these specs:
Athlon64 with Geforce GTS 250 at 1280X720 resolution at 25-30 fps.

The terrain system was improved. We can now paint mountains
valleys, trees, grass, rocks, materias, etc, in rea time. It also has a batching/instacing system that allows to have thousand of trees and plants on screen and mantain fps.

There is a road system that allows us to change road curves, width, textures, etc, in real time.

It has a very good GUI system implemented.

The engine will have templates for several types of game. The first one that is ready( or almost ready ) is a FPS template, the next one will be a racing game template. So, this engine is not only for FPS games.

It has an AI system and also, Path finding is automatic for terrains. And we can also define forbidden and waypoint areas.

It has frustrum culling, Hardware occlusion.

For physics, it has implemented physX with: rigid bodies, joints, vehicles, buoyancy, ragdolls, sweep tests. In the next future it will have soft bodies, particle systems and cloths. And he is thinking about APEX also.
For those that don't know what APEX is: http://www.youtube.com/watch?v=8JtAdTon0JA&feature=related , http://www.youtube.com/watch?v=nF7Iq9pzKRk&feature=player_embedded


When the engine comes out, it will be a trial version.