"There is a huge responsibility on the shoulders of our engine team and our studio to drag this industry into the next generation," said Gears of War design director Cliff Bleszinski. "It is up to Epic, and Tim Sweeney in particular, to motivate Sony and Microsoft not to phone in what these next consoles are going to be. It needs to be a quantum leap. They need to damn near render Avatar in real time, because I want it and gamers want it - even if they don't know they want it."
Sweeney added: "We're much more in sync with the console makers than any other developer is. That means we can give detailed recommendations with a complete understanding of what is going to be commercially possible."
Another page discussing Unreal Engine 4 Link