Untitled/Dust is IMHO one of the most underappreciated demos ever. Sure, it won The Party 1993, but I don’t think it later got the recognition it deserved. One reason may be that it was quite difficult to launch it on many machines (IIRC) + it required lots of conventional mem (I was lucky enough to have PC that was compatible with this demo, but it required some config.sys+autoexec.bat wizardry). Not as difficult as with Optic Nerve (great demo, as well), but still… It may be not be the best example of flawless design (to put it mildly), but codewise – it’s amazing. The opening sequence contains texture mapped, flat shaded 3D world (1993, year after Wolfenstein has been released)! The rest may not be as impressive (still worth watching of course), but beginning was truly jaw-dropping at that time.
Some folks did appreciate the effects in this demo, though, as Dust coder – Stone has been later recruited by fellow demosceners from Remedy and became a lead programmer on their little game about cop who had lost a wife. As they say – the rest is history.