State of the Art is my all time favorite demo. It blew me away back then and it still blows me away to this day.
I just download and watched "The Product" and it is very awsome, but is it really fair to consider this a 64k demo? The reason I ask is because it requires DirectX 8. If you add the size of that in it's a lot more than 64k. :-)
I don't know to much about the demo scene, but I thought the 64k demos of old didn't really rely on any other software. They included all rendering code etc. in the total 64k size count. Amazing demo either way though.