Well I saw this video some time ago using emPolygonizer2 doing this in XSI, and wanted to see if I could do something like that in Houdini and here is what I came up with.
http://www.vimeo.com/17471791 [vimeo.com]
Using the Flip solver, the resulting geometry generated was sent over to a geometry light and renderd with Micropolygon PBR, render time around 15min / frame including the surface generation which I didn't store on disc.
Hope you like it, comments welcome.