That Unreal Engine tech demo for the iPhone wasn't just a showpiece for His Steveness' latest keynote. It's available now on the App Store as a free, 82MB download... and it looks absolutely gorgeous. Check out these screenshots freshly gathered from my iPhone 4:
You'll find the full-sized, 960x640 shots in the image gallery below.
The demo runs surprisingly smoothly overall, although that wide, open area in the second shot brings the frame rate down to what feels like the 10-20 FPS range. Still, those sharp real-time graphics are a sight to behold on a 3.5" display.