Here is a simple example of what I wrote above. 3 cylindars, 1 sphere.
With a little more work it could be a lot better. Throw some lose stones around the pool and add some cave elements. A Little AO would go a long way here. Plus you can turn around and see the other tunnel. It has elevation like in a real cave system.
This will work for a panoramic image.
Example is show with High Light values.
This model is 51,000 polygons and could be reduced to about 25,000 (Loss of detail)
Included is a 3ds of the cave
I set the camera feild of view to 100 degrees in these renders.
With GI,3 lights (1 soft shadows,2 raytraced hard) took 3 minutes to render 640 X 480
This shows how simple the cave is
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stuffs getting better, stuffs getting better everyday.