Euclideon is a software company that believes it's ushered in the future of video game graphics with its development of what they're calling Unlimited Detail Technology, which uses not polygons but floating point generation to allow some truly insane levels of detail to be shown off. As far as I can tell it's some form of Ray Tracing technology which basically fills in the space between points with texture data. Not even id's John Carmack is entirely sure what it is either, and he is significantly more intelligent than I am. I can admit that, I think, and retain my manliness.
If we draw some vague conclusions from Carmack's recent tweet on the subject, he seems intrigued but doubts it would be possible integrating the technology into today's industry. He probably has a point, too (see what I did there?) as the industry is pretty reliant on established engines which are ALL ABOUT polygons.