i know what you mean mentor... it was something i was determined to reproduce within my own Rendering engine, i'm sure the current results will be seen soon enough when Milkshape2 is released.
Raytracing, GI, Radiosity Engines etc... don't take into consideration the refraction specifics of light, as the refraction and reflection of the lightbeams changes its frequency and with it the colour and power of the projected image
however Multipass Renders do a very good reproduction job of it which i've been working towards using ... if anyone has the nvSDK or Cg Toolkit will no doubt have seen the realtime multipass Fresnel Reflection/Refraction example. That accurately depics the colour balance within the object - only is using the skybox maps to achieve it. Isn't raytracing or actual casting of anykind.
Fortunately the GeForceFX chipsets Light Shaders actually allows far faster light routines, which can allow for a second pass of the colour, you add a third pass caustic and you have some very impressively realistic effects that these guys aren't even close to achieving.

i'm sure it'll only be a matter of time until the majority of users catchup with the nVidia Alpha Development Community but for now guess your stuck to waiting for what nVidia release as showing the power of the cards.
Within the Epic battle of the fates the Shadow and the Angel will meet. With it will harbinger the very fight of good vs evil!