Interesting: http://www.youtube.com/watch?feature=pl ... Xy-w&gl=US
It seems old-school Whitted ray tracing but the first part is still quite impressive (I don't have the audio output on this PC so may be the speaker offer some more technical details on what he is showing).
NVIDIA Kepler real-time raytracing demo at GTC 2012
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Re: NVIDIA Kepler real-time raytracing demo at GTC 2012
I was mostly impressed by the dynamic ray tracing acceleration structure they're using which allows for hundreds of shattered glass pieces and thousands of water particles updated in real-time. Could this be the famous HLBVH2 technique?