If Tim Sweeney is basing his new engine on people having all these gigabytes of RAM, then perhaps he's not giving much thought about consoles. Who knows.
Like London Boy said, a downgraded version of the UE3 would never compete with engines made exclusively for these consoles. Perhaps having this "high-res parallax mapping/low polygon count" approach won't work well with the X2 and PS3 , because of their memory limitation.
Whatever approach console game developers take, given the level of these last generation games they managed to squeeze out of the PS2 (with it's whooping 32mb ram + 4mb video), I can only imagine what they'll be able to do on the PS3/X2. I'll bet anything it will be better then what the UE3 have shown so far.
Like London Boy said, a downgraded version of the UE3 would never compete with engines made exclusively for these consoles. Perhaps having this "high-res parallax mapping/low polygon count" approach won't work well with the X2 and PS3 , because of their memory limitation.
Whatever approach console game developers take, given the level of these last generation games they managed to squeeze out of the PS2 (with it's whooping 32mb ram + 4mb video), I can only imagine what they'll be able to do on the PS3/X2. I'll bet anything it will be better then what the UE3 have shown so far.