NOTE: I AM NOT AN UNREAL ENGINE FANBOY.
Right, that should keep the flamers away. =P

Anyways, onto the good stuff. This Real-Time tech demo was just recently released onto Youtube. It shows all of the advanced Direct X 11 effects being implemented in real-time. Keep in mind, however, it took 3 GTX 580's to render this bad boy in real time; so it's gonna be a couple of years before we can get our hands on this tech without breaking the bank. It's definitely a good look into the future of games. (Looks pre-rendered!)

http://www.youtube.com/watch?v=J-ZBpEdoHyM&feature=related

P.S: I'm pretty sure this proves that the new effects in DX 11 (Particularly Tessellation) are NOT useless marketing gimmicks. Obviously it comes down to what the developer wants to do and implement, but when you really push this API, it can go much further than it's predecessors.

Everything still looks all plasticy....

Lol... Techdemos... Games with grfx like this will:

First: Never appear until Playstation 4-5 ( i bet the Playstation 4 wont be as powerfull as 3x GTX 580 with 6 GB RAM and and Intele Core I7 extreme)
Second: Until a single Gpu card can handle this stuff ( for this Demo 3X GTX 580 worked in SLI to ensure an acceptable framerate)
Third: Until "standard" hardware is able to bring such performance