VE has an interesting article from Tim Sweeny, the man of course responsible for Unreal, couple of points is that Unreal2 will be out first up in 2001, and Unreal Tournament for Playstation2 will be out this year:

Parts of the tech used in Unreal 2 are already available for all Unreal engine licensees. The skeletal animation code is available now, along with the 3D Studio Max and Maya import tools, though improvements and new features are ongoing. A few licensees are already using the new outdoor terrain rendering we've been showing off, in a preview, not-ready-for-prime-time preview form. It will be ready for large scale development over the next couple months, along with many other new Xbox / DirectX8 focused features that we'll be using in our next game

Some if it is interesting reading, loved the McDonalds comment and the admission that in terms of success Id is the number 1 licensing Engine. I was a bit disappointed that still there is no admission that UT sucks so dam much on a GeForce2 or any other D3D card, or what’s being done to fix this in the latest game.

Check out the Interview .