Well, the engine may have some limitations, but once you know what can't be done, you can find some ways around the limitations and get do what you want anyway. Actually, thanks to the long development time and the number of coders, from all over the world, the engine has a lot of smaller, but pretty interesting features. I.e. what you might not even have noticed. We've used animated normal maps for the water.
We've been sharing some ideas with Diaspora. And the Diaspora coders worked on some features which SoL will use as well.
Nothing of that can be seen in this trailer, but you should expect to see some interesting things in the next trailers of these these two projects.