It’s definitly not a solution, No proffesional game or Studio would use just Directional and Sky light for their games… LPV is outdated… We are still at the begining… UE4 absolutely not usuable for games like Far Cry 4, The Division etc… It will look simply cheap…
Probe based GI is not faked, it captures your scene in a cubemap, the color… Of course it is not 100% acurate but it delivers good enough performance and quality for games like The Division.