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I watched both videos posted by the devs, and quite honestly it has the exact look and judging by the combat moves they have shown it feels like I am watching a Vindictus open world.
If this is not the Valve engine I will eat my computer.
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Unless they are bending the truth here then, it is a in house engine http://www.mmoculture.com/2013/03/black-desert-interview-with-developer-pearl-abyss/
I read the same thing but the one thing that caught my eye in their description was realistic physics, which Valve is very famous for, now look at videos from Vindictus Game play then look at Black Desert, they look remarkably the same. From the water to the blood to the landscaping, even the details in the face.