Remedy, the folks that brought us Max Payne have been working for some time now on the action/adventure game Alan Wake for the Xbox 360 and Windows Vista. This video shows the amazing 3d engine in action on a seriously fast multi-core computer.
The video was shot at the Intel Developer Forum, running on an Intel quad core Intel processor overcloked to 3.73GHz and a $500+ Geforce 7900GTX card. This is clearly a much more powerful configuration than most home users will have, and much beefier than an Xbox 360. It sure looks purty anyway.