Epic are crazy people, is what I'm saying.
So what, you might say. iPhone is an expensive toy, limited, not something you'd ever buy, etc. Why should you care?
You should care because they've got a version of the Unreal Engine 3 that works on platforms with low processing power and OpenGL ES graphics. Still not getting it? You know which other platform has low processing power and OpenGL ES graphics? The freakin' Internet.
Which all boils down to this: it will very soon be possible to create a UE3-class game engine that will run in your Web browser without any plugins. You know Quake Live? In a year or so you'll be able to do that without any plugins, and it will look more like UT2004.
The future's so bright, I gotta wear etc.