No way this is real time, not even close. There's a frame rate counter visible in a couple of the videos (see http://vimeo.com/7455632, for example), and it's going at about 3-4 fps for the lowest detail models, which only have somewhere around 1000 points. The highest detail ones have millions, and probably took hours if not days to render.
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If this isn't real time, then this isn't that impressive. This type of fluid rendering has been possible for almost a decade:
http://graphics.stanford.edu/papers/water-sg02/
That said, if it is realtime, then yay.
No way this is real time, not even close. There's a frame rate counter visible in a couple of the videos (see http://vimeo.com/7455632, for example), and it's going at about 3-4 fps for the lowest detail models, which only have somewhere around 1000 points. The highest detail ones have millions, and probably took hours if not days to render.