Update on Update 13: physically-based materials

The blog by Mikai Smith lists the improvements that U13 covers.
One thing that cought my attention was this
"Introduction of physically-based materials, supported in both model views and renderings, for easier texturing and more realistic visualizations"
What does this mean?
Do we get bump mapping and normal mapping in a view? How will this look? Can anyone at Bentley elaborate on this?