Short clip about PowerVR's Real time Ray Tracing the most noticeable point is how it lower development time by around 20% as artists no longer have to mess around with shadows and lights.
It's a shames the demo is on a Prototype FPGA board. Its going be interesting to see what happens on a PCI Express Caustic Two board later this year. Still the Caustic two will not be for gaming.
http://vimeo.com/19937145 seems to be what PowerVR are aiming to get for mobiles devices a few years down the line.
EDIT: Another video of what the goal is down the line http://vimeo.com/19944447
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