'Though the full range of technological bells and whistles unveiled at GDC will probably have to wait, according to his cryptic comments, until the next generation of consoles, he made much of the engine’s scalability, babbling enthusiastically about its application in a range of iPhone and iPad games, literally pulling out handheld devices from an array of unseen pockets to prove his point.
Sympathetically, also, he was eager to emphasize Epic’s status as a sort of gaming patron of the arts, developing useful, cutting-edge tools and then making them available to licensees like some kind of jolly developer Santa Claus: “That’s how Epic works,” Rein enthused. “We spend way too much time on tools, which helps our level designers and also our middlewear people…We work really hard so that what we learn in our games, we can share.”'
GDC 11: Epic Unreal Engine 3 Rollout - http://pulsene.ws/14c5f
Impressive screenshots, and it was apparently noted that version wise, this stuff is almost more like 4 than 3. I still miss my old modding days, and I'm sure Epic will pass out their toys as much as can.