diff --git a/modules/product_reference/commerce_product_reference.module b/modules/product_reference/commerce_product_reference.module
index db63353..299c617 100644
--- a/modules/product_reference/commerce_product_reference.module
+++ b/modules/product_reference/commerce_product_reference.module
@@ -588,10 +588,111 @@ function commerce_product_reference_field_formatter_info() {
       'description' => t('Display the title of the referenced product as plain text.'),
       'field types' => array('commerce_product_reference'),
     ),
+    'commerce_product_reference_rendered_product' => array(
+      'label' => t('Rendered product'),
+      'description' => t('Display the products rendered by the entity system.'),
+      'field types' => array('commerce_product_reference'),
+      'settings' => array(
+        'view_mode' => 'full',
+      ),
+    ),
   );
 }
 
 /**
+ * Implements hook_field_formatter_settings_form().
+ */
+function commerce_product_reference_field_formatter_settings_form($field, $instance, $view_mode, $form, &$form_state) {
+  $display = $instance['display'][$view_mode];
+  $settings = $display['settings'];
+
+  if ($display['type'] == 'commerce_product_reference_rendered_product') {
+    $entity_info = entity_get_info('commerce_product');
+    $options = array();
+
+    if (!empty($entity_info['view modes'])) {
+      foreach ($entity_info['view modes'] as $view_mode => $view_mode_settings) {
+        $options[$view_mode] = $view_mode_settings['label'];
+      }
+    }
+
+    if (count($options) > 1) {
+      $element['view_mode'] = array(
+        '#type' => 'select',
+        '#title' => t('View mode'),
+        '#options' => $options,
+        '#default_value' => $settings['view_mode'],
+      );
+    }
+  }
+
+  return $element;
+}
+
+/**
+ * Implements hook_field_formatter_settings_summary().
+ */
+function commerce_product_reference_field_formatter_settings_summary($field, $instance, $view_mode) {
+  $display = $instance['display'][$view_mode];
+  $settings = $display['settings'];
+
+  $summary = array();
+
+  if ($display['type'] == 'commerce_product_reference_rendered_product') {
+    $entity_info = entity_get_info('commerce_product');
+    $summary[] = t('View mode: @mode', array('@mode' => isset($entity_info['view modes'][$settings['view_mode']]['label']) ? $entity_info['view modes'][$settings['view_mode']]['label'] : $settings['view_mode']));
+  }
+
+  return implode('<br />', $summary);
+}
+
+/**
+ * Implements hook_field_formatter_prepare_view().
+ */
+function commerce_product_reference_field_formatter_prepare_view($entity_type, $entities, $field, $instances, $langcode, &$items, $displays) {
+  $product_ids = array();
+
+  // Collect every possible entity attached to any of the entities.
+  foreach ($entities as $id => $entity) {
+    foreach ($items[$id] as $delta => $item) {
+      if (isset($item['product_id'])) {
+        $product_ids[] = $item['product_id'];
+      }
+    }
+  }
+
+  if ($product_ids) {
+    $product_entities = entity_load('commerce_product', $product_ids);
+  }
+  else {
+    $product_entities = array();
+  }
+
+  // Iterate through the fieldable products again to attach the loaded data.
+  foreach ($entities as $id => $entity) {
+    $rekey = FALSE;
+
+    foreach ($items[$id] as $delta => $item) {
+      // Check whether the referenced product could be loaded and that the user has access to it.
+      if (isset($product_entities[$item['product_id']]) && entity_access('view', 'commerce_product', $product_entities[$item['product_id']])) {
+        // Replace the instance value with the term data.
+        $items[$id][$delta]['entity'] = $product_entities[$item['product_id']];
+      }
+      // Otherwise, unset the instance value, since the product does not exists or should not be accessible.
+      else {
+        unset($items[$id][$delta]);
+        $rekey = TRUE;
+      }
+    }
+
+    if ($rekey) {
+      // Rekey the items array.
+      $items[$id] = array_values($items[$id]);
+    }
+  }
+}
+
+/**
  * Implements hook_field_formatter_view().
  */
 function commerce_product_reference_field_formatter_view($entity_type, $entity, $field, $instance, $langcode, $items, $display) {
@@ -652,6 +753,23 @@ function commerce_product_reference_field_formatter_view($entity_type, $entity,
         }
       }
       break;
+
+    case 'commerce_product_reference_rendered_product':
+      foreach ($items as $delta => $item) {
+        // Protect ourselves from recursive rendering.
+        static $depth = 0;
+        $depth++;
+
+        if ($depth > 20) {
+          throw new CommerceProductReferenceRecursiveRenderingException(t('Recursive rendering detected when rendering product (@product_id). Aborting rendering.', array('@product_id' => $item['product_id'])));
+        }
+
+        $entity = clone $item['entity'];
+        unset($entity->content);
+        $result[$delta] = entity_view('commerce_product', array($item['product_id'] => $entity), $display['settings']['view_mode'], $langcode, FALSE);
+        $depth = 0;
+      }
+      break;
   }
 
   return $result;
@@ -1238,3 +1356,9 @@ function commerce_product_reference_node_types() {
   ksort($list);
   return $list;
 }
+
+/**
+ * Exception thrown when the referenced product display formatter goes into a
+ * potentially infinite loop.
+ */
+class CommerceProductReferenceRecursiveRenderingException extends Exception {}