Let's put it this way:
PC games already look miles better than PS3 games
Those UE4 shots look miles better than any PC game
I disagree, I'm starting to think even Crysis (Warhead) looks mediocre. I have yet to play Battlefield 3 and Crysis 2 but other than the 1080p / 60fps combination (which sometimes isn't even possible to achieve without a £1000 rig), there isn't that much of a difference, it's similar to the PS2 and Xbox difference. Battlefield 3 and Crysis 2's console counterparts look almost as good.
Those UE4 shots are stunning though, everything is crisp and vibrant and those particle effects are second to none, I don't think the differences are huge, but it's still significantly better looking and will probably look even better at E3. I would love to see a real next gen game running on this engine, or one just as good looking. I wonder how much effort it takes to produce a game with graphics like this though.