In before people complain about the crazy specs. Thats to run everything up in the editor with full 8K textures. Like all UE4, or probably any engine, you need significantly more RAM/specs to run the editor and everything. Also it was targeted at a 30fps for cinematics type scenario, not 60Hz/VR gameplay.
The runtime version of this ran surprisingly well on my 970GTX/16GB machine. I had a VSync tare issue and some temporal AA/motion blur funkiness, but much smoother than I had anticipated. Plus the PQ is amazing. Great AA, SSS, materials.
The fly around part was a bit of a letdown, at least wow factor wise. They are doing some really impressive lighting/material stuff, but it doesn't show as well outside of the hand-tweaked shots of the actual cinematic. The lanscape looked a little barren/flat compared to say some of the Unigine demos I've seen. At the sametime following along with the engines dev on the forums they rolled some super impressive stuff into the 4.8 update.
(Edit) FYI If you are running just the runtime version and it starts up with a black screen and nothing is happening, give it time. It's just the engine compiling the materials (2000+) used in the demo. Give it a couple minutes. This only happens first run. Also press the '0' key on the numpad to bring up the help/instructions screen.