No, It can’t ! Have you seen anything that much UE4 in their upcoming features ? so they have physics materials and global illumination, having a good foundation doesn’t necessarily means a good system. UE4 looks out of the BOX, and if you have to work too hard and write shaders or what ever to make it look as close ( and no one have reached UE4 quality or even UE3 with unity so far ), you might just go and build your own engine.
All I know is there are many good looking games made with Unity 4 and now with Unity 5 there won’t be a difference in terms of graphics compared to UE4.