True real time GI isn't coming along any time soon. The processing power required to simulate individual light particles is immense. Pretty much all current real time rendering techniques use approximation to overcome processing limitations. You can still achieve some very realistic lighting effects with scanline rendering, essentially fake lighting, rather than using computationally expensive ray tracing that would achieve a similar effect. I'm sure most have seen that GTA4 lighting mod with an image of a yellow cab. Quite a lot of people believed it was a real photo.
Also, that Euclideon stuff should be taken with a grain of salt. It's essentially a glorified tech demo showing a completely static, pre-calculated environment with no deformation as in nothing moves/changes other than the cameras position. A bit useless if you want to make a video game.
For example, I have an all-in-one PC. All it is, it's just a monitor but with the components of a computer inside it too without making the monitor bigger. It's still about an inch thick. The actual components are mostly mobility versions like a 7850M instead of a 7850 and sodimm RAM instead of DDR, although the CPU I believe is a desktop processor - an i5-3470U. It plays World of Warcraft (with the new models) fine under 'good' settings, and I like the fact that it's a PC at only the footprint of a monitor and just 1 wire going into it (power).
