This tech demo of Unreal Engine 4 looks amazing. Keep in mind that it isn't pre-rendered but running in real time.

Everything in the open world Kite demo is running in real time in Unreal Engine 4 at 30fps. In addition to Unreal Engine 4 open world features, Kite features fully dynamic direct and indirect illumination, cinematic quality depth of field and motion blur, PBR photo modeled assets and procedural asset placement.

Here is the making of: