Ive had some time to play around with the new LOD system in UE4. And I just made a quick video of how much I love it. Take it from someone who made LODs for years to start out his career, this tool is a gem.
https://docs.unrealengine.com/latest/INT/Engine/Content/Types/StaticMeshes/HowTo/AutomaticLODGeneration/
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