some hit-and-run teasing at DICE last week, telling G4 that "people are going to be shocked later this year when they see Unreal Engine 4 and how much more profound an effect it will have." We've heard before that Epic is working hard on Unreal Engine 4, and while Epic doesn't expect to see games running on the engine until 2014, it makes a lot of sense that Rein would want to show it off, especially if we also see some next-gen console reveals later on this year.
As for what it'll look like, we can only say (and sorry for all of the technical jargon on this one) that it will probably look "very good." How do we know? Because 4 is higher than 3, silly. You probably wouldn't understand.