Back in September 2005, at the PDC Microsoft Conference, CryTek, developers of Far Cry, released a movie that showcased some of the capabilities of the Cry Engine 2 under DirectX 10 API: dynamic day/night cycle, fully interactive enviroments, sunrays and diffuse transmission, real time soft shadows, soft particles, interactive/destructrible enviroments, volumetric clouds, and advanced shader technology.
CryTek steps up to the plate again. Just imagine how cool FarCry would be on this technology! Sadly, Gamershell had pictures of the game but have since been forced to take them down. You can still read the posting here.