Gears of War and UT3 look very similar.

* kicks his useless PS3 in shame *

The game should have stayed on the PC like the old days. It doesn't even sound right playing on the consoles.

 That's the same thing. It's there engine.

And to the OP, am I the only one that reads this to maybe hint that it's not as good as the PS3? He kind of sounds apologetic.

"You'll have to judge that for yourself. I think it goes without saying that the more time you spend on a product the more optimisation you get, and you can draw your own conclusions from that. But this is a great version of the game." 

You would only say that if there is something not as good as other versions of the game, and he is saying that right after he talks about the graphics.

I hope it does look better, better is better. Why would anyone want it to look worse? But I am not sure that's what he is saying.

Of course they are both made by Epic and both use Unreal Engine.

The head guy of Epic games or something said they dont look alike. I dont know why he said that when they obviously do. 

 Maybe the draw distance is shorter or there is less AA or no AA which can be seen in many multi platform games for the 360.

I'ma guess Fenix as a playable character in Multiplayer.  Either that, or the Lancer Assault Rifle as an unlockable weapon

OT: Of course it has everything to do with extra development time.  Same reason why Virtua Fighter 5 was better on 360 (online play) and why Oblivion looked better on PS3.

 Actually it has nothing to do with the platform and everything to do with more development time. It's an updated version of the Unreal engine. Gears 2 will be using something that looks closer to this.

Fenix as a playable character would be awesome.
that's a great add-on for 360.