Though I don't expect much in the form of game announcements at GDC, I am very interested to see what both Crytek and Epic show regarding their console engines. It looks like Crytek has fired the first shot.
Edit (Sorry, I struggled to get the video embedded I forgot about the link)
http://pc.ign.com/articles/965/965186p1.html
March 23, 2009 - Crytek, the developer of Far Cry and Crysis, announced earlier this month that its in-development multiplatform game engine CryENGINE 3 would be shown off for the first time at Game Developers Conference 2009. Now it's GDC week and we've got an exclusive sneak peek at Crytek's CryENGINE 3 trailer.
According to Crytek, the trailer features both Xbox 360 and PlayStation 3 footage.
The video is meant as a tech demo only, so the fact that it features nanosuit-clad soldiers from Crysis running around doesn't necessarily mean anything concrete. It could just be that Crytek recycled some of its existing assets. No titles have been officially announced that will be built on CryENGINE 3 as of yet.
Thanks for the input, Jeff.