those visuals are easily achievable within a dx9 engine, those are fairly detailed low poly ships with tiled mapping controlling diffuse, specular, illumination and normal. there doesn't seem to be any self shadowing going on with the ships. so once the dx9 or higher rendering engines are available for orbiter and people take advantage of the features, you could see things like that. currently orbiter only supports one light source and one texture per material which really limits things, multiple maps per material and per-pixel shading (currently we only have vertex shading) will make things look a lot better for addons created to take advantage of this.
this is one of the reasons why i asked about the .msh format in the visualisation project area, orbiter needs a 3d file format that will support these multiple maps per material and extended material capabilities... .dx format for example. i've had no relevant answers however.
one cool thing that would help a lot with the realism would be support for multiple light sources, not only could you put realtime lights on ships, but each planet could potentially emit light depending on how its lit. so, for example you're in your shuttle above a lit portion of the earth, the sun is illuminating the earth and the ship. In orbiter currently you'd have very stark, unfilled shadows... In a realistic scenario the earth would be reflecting sunlight back up onto the spacecraft. self shadowing would also be neat, so the objects cast shadows back onto themselves and other objects. this would be great for VC's as you'd suddenly have some realistic lighting inside the pit, struts would cast shadows on the inside and so on, rather than the light simply passing through everything as it does now.