id Software shows of new 3D engine dubbed Tech 5
 

Tech 5 will be the basis of a game based on 'new IP' for id, meaning no more Doom or Quake. Carmack claims to have made more headway eliminating textures as a bottleneck, following on from his mega-texture work, and says that Tech 5 will be powered by a world-class suite of building tools. (src: TheInq) PS: it's an OpenGL engine. No DX10 needed;)

http://youtube.com/watch?v=HvuTtrkVtns

if this runs on XBOX360, it will run on 8800 powered PC too:)