Rage3D have news of a cool Displacement mapping and depth-adaptive tessellation demo.

With the advent of GPUs equipped with vertex shader processors, new ways of doing things have been made possible. Displacement mapping and depth-adaptive tessellation are some of the newest developments in hardware accelerated 3D graphics. They represent the equivalent of bump mapping and higher order surfaces, but taken one step further. The former technologies are planned for inclusion in DX9 capable hardware.

Read more over @ Rage3D. Thx to Chris_EXE FYI.