Eevee is Blender’s new realtime rendering engine which would be introduced to the upcoming Blender 2.8 release. However, you can try it out now. In the video below, Remington Graphics takes us through a first look at this real time engine.
I posted about this in GD.
Basically Eevee, when fully developed, may allow realtime 3D rendering a la UnrealEngine, CryEngine to happen completely inside Blender.
This will of course push Blender adoption to new levels.
Cinema4D has something similar in development named PixelBerg:
But Eevee seems more fully developed than PixelBerg right now.
The community’s been hard at work putting Eevee through its paces. Btw, volumetrics, reflection probes, and transparency are now working. See the following examples:
We’ll finish with pizza
Looks interesting - how does this compare to Unreal?
Quite well - although the developers have stated their goal for Eevee is not to reach parity with Unreal, it will replace Blender’s aging internal raytracer. The user may then choose between Cycles and Eevee for output. Also nice: the same shader tree will be able to output to multiple render engines - which means a material node tree may output to both Cycles and Eevee.
I liked this answer at BlenderExchange as to what Eevee exactly is:
In short, Eevee is meant to be a modern, high-quality viewport that will perform better than the current Blender viewport, and can better approximate the shaders for game engines or renderers such as Cycles. It will also be able to function as a final renderer in its own right, removing the need for a dedicated scanline renderer such as Blender Internal. Since it is GPU based (using the same render techniques as game engines) it will be very fast, rendering in seconds or fractions of a second.
You can use it as an alternative to Cycles if you prefer the speed, or use it as a preview of Cycles for when you need the extra quality of path tracing and don’t mind waiting around for it. Since the renderer is very similar to game engine renderers, it is also very useful for prototyping game assets before sending them on to engines such as Unity or Unreal.