Perhaps you all may be aware of this, but this hasn't come to my attention until recently.
Australian-based Euclidean is a company focused on developing innovative animation rendering software, and claimed as of 2011 that they have mastered realtime 3D animation to a point of calling it "Unlimited Detail." Their claim is that their rendering techniques, once fully developed, will be able to run graphics 100 times the amount that currently exist with realtime rendering/hardware restrictions. Their rendering technique relies on 3D "atoms", which is nothing new to animation, but they have supposedly developed algorithms to withstand billions of them instantly. Whether or not all of their claims are true, they still managed to receive a $2 million grant from the Australian government.
Could this be the next generation of 3D realtime rendering? Take a look at their YouTube demonstration here: