One of the most famous demo parties ever, Assembly, has just finished. I just saw the winning 64KByte (that's 64*1024 bytes, people) intro and it's simply breathtaking. Another one worth watching is the 2nd placed demo competition winner of Andromeda Software Development: really a kick-ass demo and to me far superior to the 1st place winner.
Get the goods here: http://www.assembly.org/news/final-results/en.
For the people who think every software application needs to be 1MB or more, check out the 4KByte (that's 4096 bytes 
) intro competition winner: render routine, music, music player, 3D models and animation, all in 4096 bytes. Amazing.