From the cloud-like appearance of minor vessels you can tell that the image above is rendered using volume raycasting or path tracing. There is no surface extraction or segmentation and the same material is used for the entire volume: there is just a color map that makes lower intensity voxels darker red and higher intensity voxels brighter yellow; bones and vessels appear exactly the same, with the same red haze at the boundary due to partial volume effect.
I think the rendering is impressive partly because the image resolution is higher than average and because of the material/lighting model maybe a slightly more sophisticated than just a basic ambient/diffuse/specular reflective model: there seems to be some soft shadows created by screen space ambient occlusion or path tracing.
This is what you can get with a simple volume raycasting in Slicer on slightly lower resolution images:
Volume rendering already displays a “filled” 3D volumetric texture. If you can see this in all the semi-transparent regions or if you cut into it using the crop region.