Just checked on the UE5_Main Github page, with some good news.
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Lumen now supports both mirror reflections on translucency and SingleLayerWater, with a few caveats. Only the first bounce of translucent reflection is supported, and then falls back to the low-resolution translucency probe reflections. Furthermore, only perfectly specular (mirror-like) surfaces are supported, so you can’t have glossy or frosted glass (yet :). Control made a similar optimization, and it generally works for most content. Furthermore, this isn’t the default path for lighting, and has to be enabled in Project settings and PP volume (a good performance lever though IMHO).
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Nanite masking and WPO support appears to be coming along, although I can’t exactly say how well as I can’t even begin to understand how it’s even possible. Masked materials technically work, but my last test in PV2 resulted in foliage geometry flickering and changing rapidly, so not stable from a geometric perspective at least. Instead of crashing or displaying an error texture, WPO-enabled materials simply don’t animate, which while not ideal, doesn’t break any content either. More updates are happening.
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Quality updates and scalability options for VSMs. This comes with miscellaneous quality and performance improvements for Nanite and Lumen. Things are looking very good for 5.1, and assuming WPO and masked materials arrive in time, I think it will be an extremely powerful tool, if it isn’t already.
Also, if anyone knows, can somebody tell me what the heck Strata is, exactly? I keep finding extensive information and references to it, and it’s clearly related to shaders and materials, but I’ve found no official documentation or response.