Here are the questions -
a) REAL-TIME DYNAMIC WATER CAUSTICS - Is this feature available in UE4 or is yet to come?
b) REAL-TIME LOCAL REFLECTIONS - Is this feature available in UE4 or is yet to come?
c) CONTROLLABLE TESSELLATION & DISPLACEMENT - Is this feature available in UE4 or is yet to come?
d) HIGH-QUALITY DYNAMIC SHADOWS DRIVEN BY TIME OF DAY SETTINGS - Is this feature available in UE4 or is yet to come?
e) REAL-TIME DYNAMIC GLOBAL ILLUMINATION - Is this feature available in UE4 or is yet to come?
f) NATURAL LIGHTING & DYNAMIC SOFT SHADOWS - Is this feature available in UE4 or is yet to come?
g) VOLUMETRIC FOG & PARTICLE SHADOWS - Is this feature available in UE4 or is yet to come?
P.S. These features already exist in CRYENGINE
Replies
You've got the biggest library in the world at your fingertips and all of the tools you need without having to spend a penny further than an internet connection and the computer you have infront of you.
In addition to that, you've a whole host of forums there full to the brim of people that have been there before, and can support you when you need it.
Remember though, you'll get a lot more help if you put the legwork in first - researching what is possible, attempting it yourself and then asking for help with it rather than the other way around
2.) Yes, there are screen space reflections and reflection actors. UE4 also uses the PBR model, meaning, you should see reflections on everything when your material calls for it.
3. Tessellation/displacement is here. Specify it in your material.
4. Yes, there's dynamic shadow casting. For time of day, you use blueprints.
5. UE4 use to have global illumination called SVOGI. It was sadly, removed. The only solution left is LPV (light propagation volumes) which is inferior to that and sort of buggy.
However, not all hope is lost. Nvidia has a new global illumination technique that was recently used in Unreal Engine 4. It's called VXGI. It is unknown when the public, will get a hold of this tech yet.
6. Yes, there are soft shadows. For natural lighting, that's something you have to play with it till you think it looks right.
7. Particles can cast shadows. By volumetric fog do you mean volumetric clouds? There are examples within the engine that have similar function.
I mean Volumetric clouds and volumetric fog too.
https://forums.unrealengine.com/showthread.php?6065-Fog-Volume-aka-a-BOX-of-FOG
I did find some alternatives though,
https://answers.unrealengine.com/questions/34730/volumetric-material.html
https://docs.unrealengine.com/latest/INT/Resources/Showcases/Effects/SnowExamples/index.html