Hopefully we'll get to see something similarly pretty in our lifetimes — well, that's not the main problem. Something similarly pretty but in-game, and with an acceptable framerate. Yeah, that's it.
Until then, we have videos to gawk and "ooooh" at. Like these two, spotted by DSOGaming, which showcase the lighting effects Unreal Engine 4 is capable of (its version of a technique called Global Illumination, specifically). First, we have a video which focuses completely on just lighting:
And here's what this lighting could look like "in action," ie. in games released several years from now:
I'm excited for the future, personally.
New Videos Show Off Global Dynamic Illumination [DSOGaming]