Great news for V-Ray studios looking to get into using Unreal! Unfortunately I don’t see a lot of use for this for Unreal developers, as you have to convert all your materials to vray parent material (which takes a lot of time) just to get a slightly better looking still image out of it.
I am very curious though to see where they will take it, and if they will implement light mapping (or a better alternative) which would really take this V-Ray - Unreal crossover to the next level.