What should be interesting to see is the Torque Shader Engine which comes out this summer, can do everything (literally, EVERYTHING) that Unreal 3 Engine can do and will cost $295.00 to license instead of Uber Millions$$$.
The only difference is between them from comparing the white papers is Epic has the millions to hire an army of artists to make a (rather stunning) demo compared to GarageGames, whichs is made up of 99% ex Dynamix employees, from what I read aren't exactly rolling in cash.
This should prove kinda interesting to watch to see if it interferes with any licensing sales or anything of Doom3/Unreal3/Whatever. It turned a lot of heads at GDC a few weeks ago and there is a "off the back of the truck" video floating around the net in some places which shows some all that great Shader 3.0 goodness (yes, 3.0).
I'm starting to sound like one of those independent Game evangelists, so I should shut up now, cause I'm definately not, I was just impressed.
Then again, the Unreal 3 engine carries the Unreal branding and that is worth quite a bit engine technicalities aside.