Spatiotemporal Variance-Guided Filtering:
Real-Time Reconstruction for Path-Traced Global Illumination

This is huge. Literally blows every other rendering flow out of the water.
Raytraced real-time CG just became feasible for games, VR and other real-time media. Movie production becomes a lot faster, and probably cheaper, too.
http://cg.ivd.kit.edu/svgf.php