I don’t know how long it’ll be on the front page, but the game trailer for Killzone 2 is well worth a look. If this is what one of the first titles for Sony’s PS3 looks like, it’s pretty impressive already. It’s a bit violent (go figure), but this is a good example of the future of online 3D. Watch it over on gametrailers.com (available as both a Windows Media Video and as a Quicktime).
(edit – there’s some online discussion over which PS3 movies and screenshots are real time and which are pre-rendered or just cinematics. As of now, it appears the Killzone 2 trailer is a pre-rendered video clip intended to match the eventual real-time game rendering. I’m venturing the above image is also pre-rendered. However, the F1 racing car screenshot on the C|Net link is reportedly real time gameplay.)