Capcom needs to license out the RE engine to other devs, I am very impressed with it so far. DMC V is outputting the kind of graphics we see on UE4 games running at 30 fps, but at 45-60 fps with 2 months still to optimize it and possibly hit a locked 60 fps.
I'd rather developers continue to build their own engines. Trust me ~ the results will generally favor that. I've seen some amazing things with UE4, no doubt, but proprietary engines have a specific focus, and thus, garner better results. No UE4 game, for example, quite competes with the likes of stuff like Battlefront because DICE uses it for specific reasons. Granted, with UE4 in the right hands, such as the Coalition, the results are fantastic, but then, that supports my ideology on it. 'Right hands' are keywords. Unreal Engine games eventually start to have a very similar aesthetic and look (last gen, it was glossiness and brown, while with UE4, other effects tend to be overblown, like depth of field and motion blur).
Now sure, someone would say, "but CGI, that can be achieved with any engine". Well.....not quite. UE3 was a wonderful engine for general purposes, and some of the fruits produced by including it in the labor were quite the lookers, but go back and truly evaluate how/why they reached that goal. Gears of War, once again, made the best use of UE3. The reason? The focus was specific. This gen is no different. The best looking games were achieved on proprietary engines.
Then again, it could be that I am just a picky 3D Artist that wants to see these guys strive for better because I've already seen better.