I'm currently working with Vue Infinite 10.5 to bring in real-world elevation and point location data, and it hasn't been easy. Vue is a high-end 3D scenery solution used extensively by Hollywood. We chose it because it is capable of producing photo-realistic 3D visualizations at a reasonable price (about $1000 USD) and it has a Python API.
Vue doesn't really support the direct import of any GIS data formats, with the exception of USGS .dem files, which is pretty much useless in my opinion. There is a lot that has to be done to get the data in, but basically you have to extract everything to text, then use the Python API to programmatically push the data into Vue. We are able to keep everything in real-world coordinates and account for the curvature of the earth. The results are very nice. Here is a presentation on the project, and here are a few renders:
The beach above is 1/9th arc-second NED elevation data for the USGS and the wind turbines offshore were brought in as points in their real-world locations.
This one is 1/9th arc-second NED from northern California, that's Mount Shasta in the background.
I feel that Vue could indeed satisfy your requirements, especially if you are looking for true photo-realism, which is something most all packages that allow the direct import of GIS data lack.