I don't know if it's ok here to "bump" an old question but a few things came up my mind:
If your voxels are static you can speed up the whole rendering process by using an octree for frustum culling, etc. Furthermore you can also compile a static scene into a potential-visibility-set in the octree. The main principle of PVS is to precompute for evere node in the tree which other nodes are potential visible from it and store pointers to them in a vector. When it comes to rendering you first check in which node the camera is placed and then run frustum culling against all nodes in the PVS-vector of the node.(Carmack used something like that in the Quake engines, but with Binary Space Partitioning trees)
If the shading of your voxels is kindalike complex it is also fast to do a pre-Depth-Only-Pass, without writing into the colorbuffer,just to fill the Depthbuffer. After that you render a 2nd pass: disable writing to the Depthbuffer and render only to the Colorbuffer while checking the Depthbuffer. So you avoid expensive shader-computations which are later overwritten by a new fragment which is closer to the viewer.(Carmack used that in Quake3)
Another thing which will definitely speed up things is the use of Instancing. You store only the position of each voxel and, if nescessary, its scale and other parameters into a texturebufferobject. In the vertexshader you can then read the positions of the voxels to be spawned and create an instance of the voxel(i.e. a cube which is given to the shader in a vertexbufferobject). So you send the 8 Vertices + 8 Normals (3 *sizeof(float) *8 +3 *sizeof(float) *8 + floats for color/texture etc...) only once to the card in the VBO and then only the positions of the instances of the Cube(3*sizeof(float)*number of voxels) in the TBO.
Maybe it is possibile to parallelize things between GPU and CPU by combining all 3 steps in 2 threads, in the CPU-thread you check the octrees pvs and update a TBO for instancing in the next frame, the GPU-thread does meanwhile render the 2 passes while using an TBO for instancing which was created by the CPU thread in the previous step. After that you switch TBOs. If the Camera has not moved you don't even have to do the CPU-calculations again.
Another kind of tree you me be interested in is the so called k-d-tree, which is more general than octrees.
PS: sorry for my english, it's not the clearest....