I don't understand the UE3 hate.They usually have high-res textures, slick effects out the ass, motion-blur that rivals the best of games, and a rock steady framerate. If you haven't played the Gears games I guess your opinion doesn't match reality about what the engine's capable of.
I think it's a lot more versatile than people give it credit for too. It's true, many games do seem to use the "stock" settings for the graphical effects, but isn't that the point of licensing an engine in the first place? If you rewrote everything, why not just make your own? Most devs don't have the money or maybe even the technical capability to do that.
Even still, DICE has proven with Mirror's Edge that games can look very different on the engine if work is done to customize it a bit. Look at the baked global illumination in that. Totally unique but running on UE3. Of course, DICE is one of the most technologically gifted studios in the world. Ninja Theory also seems quite talented. Heavenly Sword still looks good(framerate issues aside) as does Enslaved(same). They might just pull some new things out of this hat. Honestly, the textures don't look that great; that's why I initially thought it was possibly MT Framework but the look didn't quite match up. I don't know if they already talked about the fps yet. Maybe they are shooting for 60fps?
BTW, doesn't Stranglehold, a UE3-based action game from like 2007, hit 60fps in some spots?