Reasonable said:
It's on PC an engine change is more significant as it may be using new features available on newer video cards hence allowing for completely new stuff vs just making existing stuff better. From an HD console perspective, the evidence so far is that V 3.0 will bring some nice enhancements but you're not talking the complete step change that tends to be expected on PC platform - i.e. Gears 3 and Mass Effect 3 are going to look better but not a generational leap better. As for games using 3.0 I'm not sure which will hit first. Gears 3 and Mass Effect 3 will use it, and ME2 on PS3 is apparently running on it but with assets, etc. from ME2 but outside of that I'm not sure what other titles will show it. The new Batman probably and perhaps some other imminent Unreal based titles.
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The unreal engine was at version 3 since the start of the gen, and as far as I know unreal engine 2 hasn't been ported to the 360 or PS3. Unless you mean a 3rd update to unreal 3.








