We are going to show off our new Global Illumination System next week on KGC. This system is fully dynamic, works with static and dynamic objects like animated characters, does not require any pre-process data (game objects are destructible, 24 hour cycle possible, streaming not an issue) and works on a large number of lights. The volume calculations can be run on the GPU or CPU. Here is the link:
http://www.kgconf.com/eng/html/conference_view.html?idx=937