| S.T.A.G.E. said:
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To be frank, I don't know how much "true power" you can find by digging closer to the bare metal as we're speaking of an architecture that is much more well known than say, that of the PS3 or 360 in its infancy.
You can probably pull out some nice tricks that give you a minor edge versus a higher level API, but that's not a job for a general purpose, cheap-ish engine as UE wants to be.
Deep customization is probably something only first party teams will indulge in... as raw baseline performance advances it makes less and less economic sense in multiplatform efforts.
