Holee sheet. This is how games should look, NOW. Yes it's a technology demo, but it's showing where gaming might be by the time next-gen consoles hit. The engine is not even DX11 capable and looks stunning.
Unreal Engine has been popular over the past few years, I still remember the times Epic's engine always came second to id's engines at the time, but with console sales booming - their engine has been in some pretty big games, Unreal (of course), Gears of War, Bioshock, Mass Effect - ya know, just to name a few games.
Check out the video below. Take your socks off before hand - because they'll just get blown off anyway.