Crytek's Light Propagation Volumes tech demo looked very similar in quality - it's easy to make a comparison since both demos are showcased in the Sponza atrium model... http://www.youtube.com/watch?v=vPQ3BbuYVh8
Both techniques are very much alike, too. I'm not that much in the know about the technicalities, but to me a voxel octree seems very similar in nature to a cascaded light propagation volume. Both are rendering reflective shadowmaps for the lightsources that contribute to GI, and use the RSM to distribute virtual point lights into the scene which in turn inject directional, coloured illumination data into the voxel octree/LPV.
Light Propagation Volumes are capable of multiple bounces, as well as secondary occlusion, although it looks very accurate in the voxel cone tracing video. LPVs can do specular reflections too, but the reflections in the video in the OP look insanely accurate!
Wonder how it runs in an actual game scenario though - the LPV in Crysis 2 are lower-density than in Crytek's original demo, and GI is only calculated for the sunlight although the tech itself doesn't restrict the amount of lightsources that can contribute to GI. It's all about performance in a practical situation.