Mark Rein claims the new tech will have a 'profound effect' on game development

Epic Games will demonstrate its long-awaited next-generation engine technology later this year, an executive at the company has said.
“People are going to be shocked later this year when they see Unreal Engine 4 and how much more profound an effect it will have,” said Mark Rein, vice president of sales at the North Carolina company, as quoted by G4TV

The new game engine, masterminded by Epic founder Tim Sweeney, has been in development since 2003. It will very likely support next generation consoles such as Wii U, PlayStation 4 and the successor to the Xbox 360.
Epic recently revealed to Develop that it would support mobile games studios much sooner with Unreal Engine 4 than it had with the engine’s predecessor.

http://www.develop-online.net/news/3...veal-this-year