I'm currently working on my master thesis which performs global illumination in realtime. The thesis is based on the "Imperfect Shadowmap" approach. I also use temporal coherence to reuse as much information as possible from the previous frame. The work is not finished yet, but here's a video with the first results. It was captured on an Intel i7 CPU system with 6GB RAM and two GTX295 graphic cards running in SLI mode. With 3 light bounces the application runs at 60fps.