With this, they can make a future UT game, or any other game on this new engine. They have not made any games for it yet. Only technological demos.
With this engine, future games that uses it will be able to look like that or better... since thats' only the early stages. After tweaks and optimisation it will be faster, and prettier.
Look at the difference with the Unreal 2.0 engine between UT2003 and UT2004. Same engine with tweaks and bug fixes.
You can also compare the Quake3 engine. There's the first game for it, Quake3... then there's Call of Duty which uses the same engine only updated for today. The difference between early implementation and after 5 years of optimisation is dramatic. Many games still use the old Quake3 engine.
Now we have the various engines out there: Unreal 2 (Unreal2, UT2003, and UT2004) CryoEngine from Cryotek (FarCry uses this, and coming FarCry2) Doom3 (so far Doom3 and expansion only) HalfLife2 (Half-Life2 and Vampire Masquerade) X-Ray (S.T.A.L.K.E.R Shadow of Chernobyl) Quake3 (Quake3, Medal of Honor, Call of Duty, Wolfenstein, and bunch of others) Quake2 (HalfLife1 + all its mods)
I'm more excited on the X-Ray, Doom3, and Unreal2... HalfLife2 seems alright... but appears to be a more tweaked out combination of different older engines.
Check out the http://stalker-game.com/ for the game based on the X-Ray engine. HOLY... it's as pretty as doom3 or unreal3 from pictures. It's new and it's not out yet. It may be out this summer.
Until Unreal3 engine and game for it or stalker is out, I think Doom3 is the most advance engine out there; then CryTek's engine and HL2 are tied.
Valve (imo) makes the best use of their engine tho... HL2 is simply amazing too.
