That's what I like to hear. If its not a genuinely big leap then why the heck make a next gen console anyway?? I'd much rather wait until we get a big enough leap, even if it takes 7-10 years. I don't want half baked crap.

Doubt it.These consoles are very underpowered compared to current PC hardware.

Wait, didn't Epic just say that development costs would skyrocket?

As always, with Epic, take everything they say with a grain of salt. I always get the impression that they're just trying to hype their engine for business purposes by making it seem as attractive as possible.

I'm seriously tired of the rumors floating around currently. Let's just wait until the 20th and actually find out :/

In other news, Water is indeed, very wet...

Hmm, so they're saying that average technology has made substantial progress over 7-8 years? Brilliant insight as always from Epic.

Consoles dont work like Pcs.

Tell me a Pc from 2005 that can make Gears of War 3 or Uncharted 3 Graphics... HELL Tell me a Pc from 2007 that can do Killzone 2 Graphics!

Yeah you got that, Console dont need to be as powerfull as Pcs. 

High End Pcs from Today wont be able to Achieve what Ps4 and 720 will do in 2017. 

With optimisation, the power output should probably be ~ a $400 card, that is not bad when you consider a computer with that card in it would be over $1000. You could probably make similar comparions with the PS3/360 back then

And yes, Epic want to sell Unreal 4 licenses and that will be fuelled by next-gen consoles for the high end, though I am sure they are working on mobile versions as well

I tend to trust Epic more then other companies when it comes to these things.

I do believe that developers will be able to do more with their games, but I don't believe we will see a large graphical jump.