Quote: "Will the shadows apply to custom charecters?"
Yes, since they are done in real time.
Quote: "I haven't seen shadows on objects will they be shadows like for fpscx10 characters on objects?"
Yes, check
THIS VIDEO for example, you can see that barrels and boxes do cast shadows that move as they do. Same for other dynamic objects.
Quote: "How in the game did they make the light rotate 360 will we be able to have moving lights?"
Where did you see/hear this? I'm not sure if I have...
Previously moving lights were not possible.