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.
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.