This is a demo video of Epic Game's unreal engine 3, looks amazing.
Link
To look at it in more detail, here's the rewind video:
Link
Note that this is them pushing UE3 to it's limits before they release UE4 which has been in development for 10 years. hahaha
[Edited by Serivor, 3/9/2011 12:24:08 AM]
looks very impressive. to be expected from a big name like Epic.