The Tech Report noticed Square Enix uploaded an impressive video that reveals its DirectX 11 Luminous Studio engine in action.
Square Enix chief Mike Fischer spoke to the guys at Shacknews about the demo. He said the Luminous Studio engine doesn't target "any specific hardware," but he added that the thought of next-gen consoles being too slow to handle the technology doesn't keep him up at night. Interesting. Fischer might know more than he's letting on, but even if he doesn't, I'd certainly trust a studio like Square Enix to make the right assumptions about the way forward.
(click on the video to go to YouTube for the 1080p HD edition).