Each year there is a plethora of demos showcased at E3 in Los Angeles. Some make it to the real world as video games while others are just eye candy coded specifically for show.
At E3 2012, Square Enix was running a real-time technology demo dubbed "Agni's Philosophy" which is apparently powered by the latest Final Fantasy engine. As you can see in the video below, the demo looks fantastic and I can't wait to see the first video game built around the engine.
All the rendering in the video above is said to be in real-time, which is quite impressive, especially given the considerable amount of particles and realistic fluid motion. Considering that the tech demo is based on Final Fantasy, it is probably safe to assume the next installment in the franchise will look as good at least as good as the E3 demo.
As noted above, the number of particles this engine is capable of rendering at once is very impressive. However, I can't help but think that a PC game based on the above-mentioned graphics engine would demand major graphics muscle. Then again, the engine is supposedly cross platform, as it was designed to scale all the way from mobile devices up to PC and consoles.