Epic Games and it well know lead designer cliffy b, announced at PAX East that they are working on a PC only title. No details were given but it could be many things. This new "PC only title" could be the next game that put Epic games on the map and it's main graphics engine name shake,
Yes, this new game will be Unreal 3, and it will be powered by the Unreal engine 4. This is the reason why it's not being made for the current gen on consoles, they don't have the power to run next gen graphics unlike PC games. But don't worry, I'm sure whatever this game really is, it will find it's way to the next PS or Xbox console.