Japan's Silicon Studio is perhaps best known for co-developing the Bravely Default games with Square Enix. The studio has a new, next-gen game engine, and it looks beautiful.
According to Silicon Studio, the rendering engine is working in real time. This is, of course, a tech demo, and as a tech demo, you shouldn't necessarily assume that games running on the engine will look as incredible as this. But you should damn well hope.
Next Gen [Silicon Studio]