That's not the same engine.
VBS3 uses the same rendering engine as ARMA 3, far from being the most efficient engine and it doesn't render full planets. They are going to start using an updated engine for the games now, the same one developed for DayZ (seems like an update of the Real Virtuality game engine used both on ARMA 3 and VBS3).
VBS blue is the planet rendering engine, the video on the OP is just a couple of days old. It doesn't look that good, seems like they are using a handful of post processing effects to make it more appealing.