No, it is raytraced too, that is why dual paraboloid maps aren't needed there. everything is raytraced, (shadows, reflections...) even the spheres are raytraced, they have no faces. The proof is that you can get close to any surface and it never will show any hint of aliasing nor faceting. The map based methods show some aliasing sooner or later. but the raytrace is an aliasing free method, well, in the demo, it could cast more rays to calculate the antialiasing on the edges of the objects, but that is not the aliasing i am talking about.
Anyway, it is pretty impressive.