This is not exactly what you asked, but isn't Epic one of the few companies to outsource a certain part of graphical work to China? I remember that was one of the reasons why Gears of War only cost $10 million to develop.
Outsourcing seems to be slower in the games industry, and outright moving of studios is even harder. But I think we'll get there at some point, especially since in the next gen all the platforms are likely to be as expensive to develop for as the PS3/360 are now, if not more.
My Mario Kart Wii friend code: 2707-1866-0957