I never tried the Far Cry PC editor, but this is very comparable to the Instincts one.
i just found a very similar video to the OP, but for instinct's editor, and yeah... it's very similar.
improved how smoothly/quickly you can edit terrain. day/night sliders instead of a few set options. more objects to place. improvements that you'd expect from a generation leap in games. even Hammer saw nice feature updates when it went from HL1 engine to source.
this style of editor is better for games that rely more on large, natural environments. but they are severely limited when it comes to more urban and indoor environments. that paris recreation really isn't too impressive -- it's just pre-built buildings that they placed. you can't do anything as far as custom textures (other than the ground texture) or creating your own buildings and props without the help of external software on PC (only applicable to the PC version).