Japanese pro videogame developers tri-Ace show what they can do with real-time rendering in a videogame engine…
Rendered in real-time on Xbox 360 / PlayStation 3
Runs at 30Hz with 720p and is directly captured from the video output on the devkit
Real-time lighting and shadowing used (no baked light maps)
Key features are physically-based shading models, physically-based lighting and image-based global illumination
Full technical details are on their r&d page.