It is commonly known that Nvidia showed a Bugatti Veyron at the Full HD resolution of 1,920 x 1,080 running a 30 fps - inclusive anti aliasing and the multiple refractions common in ray tracing.
Unfortunately this requires a Quadro-Plex 2100 D4 with four G92 based GPUs to be calculated.
Now there is additional material available in an Nvidia presentation. Here not only pure ray tracing is introduced, but also examples for Hybrid rendering, like mixing rasterisation and ray tracing.
The developers of the Nvidia demo themselves say that both systems are used. Additional info can be found at Nvidia’s developers’ site.
Nvidia: Hybrid rendering example below, and more screenshots can be seen at the link at the top of this article! More PlayStation 3 News...