http://forum.overclock3d.net/showpost.php?p=849353&postcount=12
"Here is what was downgraded. Removing the 2013 effects I get, but the 2014 ones would barely impact performance on most gaming PCs
Effects from 35min demo 2014:
Basic Tessellation = Gone (High-Poly geometry)
Lighting = Downgraded significantly (Removed realistic for Vibrancy and yellows)
LOD = Reduced significantly w/ major pop-in (How far things render)
Water effects = Gone (Ripples from feet and blood from enemies)
Effects from 2013:
Bloom Shafts: Still There (Sunbeams)
Aerial perspective fog: Gone (Realistic fog)
Volume based translucency: Gone (Light bleeding through transparent objects)
Semi Volumetric clouds: Gone (Realistic clouds)
Fur simulation/Hair FX: Removed from many/Reduced significantly
Flexible water simulation : Gone (Realistic water behavior)
Foreword Soft Lit Particles: Gone (particles like smoke reacting to light and color)
Water tessellation: Reduced significantly (High-Poly water)
Screen Space Decals: Reduced significantly (Dynamically appearing objects on-screen like small rocks)
Advanced terrain Tessellation: Reduced significantly (High-Poly Terrain)"