Unreal Engine developer Epic Games has now clarified that the new Unreal Engine 4 will only run on the next generation and beyond.
According to Mark Rein, Vice President of Epic Games, those developing a next-gen game should stick with their current engine. For the current generation, they still recommend Unreal Engine 3, which can be enhanced with additional features for the next generation.
A public unveiling of Unreal Engine 4 is planned for later this year. At the currently ongoing GDC, it appears that only developers were allowed a behind-closed-doors preview.
Source: Kotaku
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