Comment NVIDIA Real-Time Photorealism on today's GPUs (Score 1) 184
If you don't want to wait for the power of their GPU servers, check out a recent project I did with NVIDIA for ray tracing realistic illumination on today's desktops:
http://graphics.cs.williams.edu/papers/PhotonHPG09/
From the abstract, "Image Space Photon Mapping (ISPM) rasterizes a light-space bounce map of emitted photons surviving initial-bounce Russian roulette sampling on a GPU. It then traces photons conventionally on the CPU. Traditional photon mapping estimates final radiance by gathering photons from a k-d tree. ISPM instead scatters indirect illumination by rasterizing an array of photon volumes. Each volume bounds a filter kernel based on the a priori probability density of each photon path. These two steps exploit the fact that initial path segments from point lights and final ones into a pinhole camera each have a common center of projection. An optional step uses joint bilateral upsampling of irradiance to reduce the fill requirements of rasterizing photon volumes. ISPM preserves the accurate and physically-based nature of photon mapping, supports arbitrary BSDFs, and captures both high- and low-frequency illumination effects such as caustics and diffuse color interreflection. "