Yeah, I have read papers on their technique before. From what I gather, it is basically like doing Minecraft lighting (a flooding algorithm).
Cryengine didn't *really* have global illumination until 3 AFAIK, they only had some screen space effects.
The technique seems good, not as accurate as the raytraced version though. Cryengine 3 in its entirety, however, is a total mess from what I have seen
Unreal Engine 4 blows it out of the water in my opinion, especially code quality-wise. Cryengine 3 was clearly not made with indie development in mind.
Unreal Engine 4 uses voxel cone tracing, it is more accurate than Light Propagation Volumes but less accurate than full-blown polygonal path tracing
I am sure my technique can be improved upon A LOT, since I know my dream game engine Brigade 3 runs in real time, and for low-res GI you only need a fraction of the capabilities it has.
Here is a link to Brigade 3, the ultimate graphics engine IMO:
http://icelaglace.com/portfolio-type/brigade-3-0/ (and no, it is not a scam, they released a demo for Brigade 2 (I tried it), which also looks fantastic already)