Sometime in 2011, Epic have already proven themselves incompetent and lazy so 2 years is definitely not enough time for them. I love Gears 1&2 but they are by far some of the laggiest, glitchiest, cheater magnets I have ever played.
I would like to have it on a new system, but I fear that with new hardware and a new engine they will just ship another broken game that will again be unfixable.
The campaigns for the two games have been great (a little short but that's ok), but the online multiplayer has been an embarrassment. Horde and co-op are both awesome though. They need to figure out how to keep their games from degenerating into shotty fests, and they need to do something about quitters and Host Advantage. They also need to stop listening to the hardcore fanboys on their forums, if it were up to them the shotgun would be the only weapon in the game.
I don't think Gears should go up against the next Infinity Ward COD (most likely Holiday 2011), as I think they will get slaughtered. If Bungie (or is it MS?) is afraid of putting Halo in direct competition against IW COD, I don't see how these guys stand a chance.