They've unveiled the PS3 and it's breath taking.

Realtime: sub-surface scattering, volumetric smoke and fire rendering, fluid dynamics, HDRI lighting, and a ton of other effects are now possible, at an incredibly high detail. So much so, that they've had to include dual HDO outputs, just so we can appreciate the image quality.
I think I'm going to shed a tear, I knew the Cell processor was going to do amazing things, but this is just beyond all expectations.