Thought I'd share this. It's super neat stuff, makes me hopeful for the future. Hopefully Epic will put some stuff like this in Unreal soon! Unreal engine 4 perhaps? :)
"Video from the SIGGRAPH 2010 talk 'A Real-time Radiosity Architecture' by Per Einarsson (DICE) and Sam Martin (Geomerics). Demonstrating real-time radiosity in the Frostbite 2 engine using Enlighten."