I find myself cautious on this. On PC I'd be more optimistic as the specification base was a moving target, and engines could be updated to take advantage of more power/features.
But the consoles are fixed specification, and unless Epic are willing to take the engine (or at least some features) out of the support of current consoles and make them PC only anything they add has to work on current PS3/360 - and that makes me find it hard to believe they've added something that's going to blow me away which will still work fine with current consoles.
Still, I'll wait until I see what they show. Hopefully they've further optimized performance, which would allow more out of the same specs of course.
Try to be reasonable... its easier than you think...
