Next Gen title will hold off using the new UE4 engine
Epic’s VP, Mark Rein, thinks that most of the launch titles for the Next Generation titles will still be using the Unreal 3 Engine, and the majority of developers will hold off moving to the Unreal Engine 4 till later.
While the new Unreal Engine 4 is very impressive, it currently can only run on the highest-end PCs, which makes it impossible at this point to be using it for the current generation of consoles. So, the long and short of it is that we are not going to see any of the current consoles using the Unreal Engine 4, and developers will continue to use the Unreal Engine 3.
Expect to see more of the Unreal Engine 4 later this year as it gives us a glimpse of what titles on the next generation of consoles will look like in the future.