This is Unreal Engine 4 running on PlayStation 4
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Epic's Unreal Engine 4 was shown off during Sony's PlayStation 2013 event today, where the PlayStation 4 was formally announced. Above you can see demo footage of the "Elemental" demo, while below you can comb through a gallery of some still.
Epic's Seattle arm has been toiling away on Unreal Engine 4 since the studio's formation late last year. In October, Square Enix confirmed it was the first company to publicly license Unreal Engine 4. %Gallery-179391%