yeah it looks very impressive, I hope games based on UE 4 won't look so plastic as UT3 and GoW did.
Speaking of UT4... I would really like to see that game in future, but... let's face it, GoW is now their best franchise, it brings much better profits. However I think that trend of such old school shooters is coming back. If they'd put UT3 gameplay, old Unreal's climate, UT2k4's polishing the details, good contact with fanbase + some interesting innovations. Well.. then they could come out good looking also at the business side, if not... then we have to try powerful Unreal Development Kit ;D.