The guys over at UNiGiNE have created a new benchmark/demo "Valley" showing a very nice real-time terrain:
They've been a little heavy handed with the depth of field for my liking; something I've noticed on many demos trying to show off this feature but that's just my personal taste. It doesn't really detract from what is still a very impressive demo.
I would like to know where the heightfield data was sourced from - whether it was a DEM set or created procedurally in an offline tool for example - I doubt it's created real-time as that's not really the point here. They do a good job of making it look nice though.
Here's their website link: UNiGiNE Valley Benchmark