V 3.0: Lens flares & dirt, visor reflections / water droplets, god rays, depth of field, night & thermal vision scopes, dynamic wet surfaces with reflections, rainbows, volumetric light & fog, colored speculars and many other effects.
Some screens demonstrating the 2.0 CTP having been merged into Oblivion Lost 2.5 (thanks olivius74 for sharing).