A big thanks goes out to syphern for spotting this gem.
Unreal Engine 3 is a complete game development framework for next-generation consoles and DirectX9-equipped PC's, providing the vast array of core technologies, content creation tools, and support infrastructure required by top game developers.
Every aspect of the Unreal Engine has been designed with ease of content creation and programming in mind, with the goal of putting as much power as possible in the hands of artists to develop assets in a visual environment with minimal programmer assistance; and to give programmers a highly modular and extensible framework for building, testing, and shipping games in a wide range of genres.
- 64-bit color High Dynamic Range rendering pipeline. The gamma-correct, linear color space renderer provides for immaculate color precision while supporting a wide range of post processing effects such as light blooms, lenticular halos, and depth-of-field.
- Support for all modern per-pixel lighting and rendering techniques including normal mapped, parameterized Phong lighting; virtual displacement mapping; light attenuation functions; pre-computed shadow masks; and pre-computed bump-granularity self-shadowing using spherical harmonic maps.
News source: Unreal Technology