A newly released demo trailer from tri-Ace
is purporting to show a glimpse of their new graphics engine which appears to be, at least tentatively, called "Physically-based Rendering version 0.1". The developers of http://www.trueachievements.com/Star-Ocean-TLH-xbox-360.htm
and Resonance of Fate
say that the demo is not depicting any game currently in development, but after watching it we can only hope this is just some PR misdirection.
Check out the demo and prepare your mind to be blown.