It's still photogrammetry + skybox, not that much different from what Valve were showing off in The Lab back in 2016. PPD is higher on account of the more advanced headset and that does make a difference, but it didn't blow me away or anything. You can still see the seams when you look close, the cutoff point between geometry and façade, you notice that there's never much foliage nearby, that anything animated tends to look like a mesh from a video game, because it is.

They really need to figure out true, perspective correct volumetric video already.