The company says CryENGINE V is "the most accessible, powerful, and feature-filled version of their all-in-one development solution to date." Besides being the latest version of their engine with all of the latest technical goodies, CryENGINE V is under a "pay what you want" business model where developers can set their own price for getting full source code access and not being under any royalty obligations to Crytek. There is also a new CRYENGINE Marketplace for getting various assets for game development and a new Crytek Indie Development Fund.
CryENGINE V is VR friendly, C# enabled, reworked renderr, DirectX 12 support, an advanced volumetric cloud system, a new particle system, FMOD Studio support, a new launcher and UI, and more. Sadly, nothing about launch-day Vulkan support.
More details on CryENGINE V via today's press release.