Seems like a nice idea, but currently it's far from real-time and it doesn't look very spectacular. Imo, it should use the Brigade path tracer for better performance and quality.
UPDATE: the guys working on this have posted a new screenshot, showing much improved global illumination by using Russian roulette:
Everything looks much brighter now and actually starts to have that path traced look. Unfortunetly textures and geometry are pretty low resolution. And it's still way too slow for real-time (30 minutes for this 2048x2048 image on GTX480 + Tesla C2050).