Version 0.5 has a couple of big improvements.

The first one is available only to people who use the ModEngine method (prob most people). The shadowmap resolution is now greatly increased. Here is what the values are set to by default (in modengine.ini):

directionalShadowResolution = 16384
dynamicAtlasShadowResolution = 16384
dynamicPointShadowResolution = 4096
dynamicSpotShadowResolution = 8192

It is not recommended to set dynamicPointShadowResolution or dynamicSpotShadowResolution higher than these values, or some of the corresponding shadows will start to break down. If these values are too high for your hardware and you are experiencing performance issues, you can lower the values. If you still want a big improvement but not go completely overboard, you might want to go for these settings instead:

directionalShadowResolution = 4096
dynamicAtlasShadowResolution = 4096
dynamicPointShadowResolution = 2048
dynamicSpotShadowResolution = 4096

Just to clarify, the initial vanilla values for these settings in ModEngine were as follows:

directionalShadowResolution = 4096 = 4096 / 2 = 2048
dynamicAtlasShadowResolution = 2048 = 2048 / 2 = 1024
dynamicPointShadowResolution = 512 = 512 / 2 = 256
dynamicSpotShadowResolution = 1024 = 1024 / 2 = 512

As you can see, ModEngine divides the value you set by 2 before the values are passed to the game. 

BTW, 'directionalShadowResolution' I think doesn't seem to work at all, because the directional shadow of the sun doesn't seem to be upscaled. If someone can tell me if the address in ModEngine for directional shadows is broken and they know of a way to fix it in the code, let me know.

Second big improvement is light draw distance. This has been greatly increased by setting the 'EnableDist' field of each light to '800'. This might be overkill but it's unlikely to come at too much of a performance cost and there's a big visual uplift in that lights are drawn out as far into the distance as possible.