What bothers me is Epic promised an engine that would be completely revolutionary, knowing that they could not deliver, and instead provided an engine that is very, very low-tech, and no one seems to notice the difference.
I agree - I wasn't particularly impressed by the graphics people were so hyped about - in fact I thought it was strange that UE3's lighting looked actually quite similar to UE2 with the exception of a few fancy shaders for characters / objects / effects / etc. I guess it just goes to show what hype can do to so many people.