Open Sourcing Seurat: bringing high-fidelity scenes to mobile VR
developers.googleblog.com
developers.googleblog.com
It really reminds me of RAGE for the iPhone.
View frustum culling wouldn't have been enough to render this stuff (https://www.roadtovr.com/preview-google-seurat-ilm-xlab-mobi...) in VR on a mobile GPU. :-)
The process is able to reconstruct occluded objects by using multiple images from within a view box. That way the scene should look fully intact as long as the viewer is within the box.
Think stitching together a 3d panorama but with enough capture data that you can also peek around things.
If you want dynamic lights, you could try to bake a out the scene as diffuse and then again as normal maps. Then you can have simplified realitime illumination while still baking in AO, static diffuse lights, and the LODed mesh.