Epic's Tim Sweeney made an update to the Unreal Technology page talking of his positive impressions of running a Voodoo3 with the Unreal 224 beta (there are problems running Unreal 220 on the V3). Thanks Apache at Computer Gaming Review. Tim also slips word in there of some sort of performance enhancement in the works (it seems unrelated to the Voodoo3 comments):

Unreal 224 performance is also being helped by some new lighting optimizations, and a major new engine feature, which Erik de Neve (Unreal optimization and algorithmic texture guru) has been working on. But I'm not allowed to talk about that since Mark Rein is writing a press release about it now.