We managed to wrangle a few screenshots of id's Quake 3 Arena running on VideoLogic's upcoming Neon 250 video card. All these shots have the following options enabled: 32-bit color, lightmap lighting, max geometric detail, 32-bit texture detail, bilinear texture filtering and maximum texture detail.
The Neon 250 board is powered by the same chip found in the Sega Dreamcast and Naomi arcade units. It'll be available from VideoLogic and mail order companies this August for around US$175.