They could easily begin to surpass Doom3 and in fact with Ultra High Quality mode they've gotten themselves into a completely new ballgame. Dynamic Lighting and shadowing really is quite passe and has been around for a long time. (hell the GF3Tis supported primative dynamic lights).
With the Ultra quality mode, you move away from flat lighting to volumetric lighting and shadowing -- typically something you see with animation and such. Of course for realtime capacity for volumetric fog and haze and such would require an insanely fast system bus/core combination as GPUs simply dont have the horsepower to crunch that kinda stuff out